Dunamu and NAVER Financial Postpone Strategic Share Swap to March 2027

Dunamu, the parent company of the prominent South Korean cryptocurrency exchange Upbit, has officially announced a significant delay in its planned comprehensive share swap with NAVER Financial. Originally scheduled for completion by the end of 2024, the transaction timeline has been pushed back by fifteen months. This strategic maneuver will eventually result in Dunamu becoming a wholly-owned subsidiary of NAVER Financial, marking a major consolidation within the South Korean fintech and digital asset sectors.

Revised Timeline for Corporate Restructuring

According to reports from South Korea's Financial News, the deadline for the stock exchange has been moved from December 31, 2025, to March 31, 2027. Consequently, the extraordinary general meeting of shareholders (EGM) required to ratify the deal has also been rescheduled.

• The original EGM date of November 19, 2025, is now set for February 26, 2026.
• The finalization of the swap is deferred to the first quarter of 2027.
• The postponement allows both entities additional time to navigate regulatory requirements and internal valuations.

Fixed Exchange Ratio and Structural Impact

Despite the delay, the financial terms of the agreement remain stable. The companies confirmed that the share swap ratio remains unchanged. This transaction is a critical step for NAVER Financial—the fintech arm of the search engine giant NAVER—as it seeks to integrate the high-volume trading infrastructure of Upbit into its broader ecosystem. Upbit currently maintains a dominant market share in the South Korean won-denominated crypto trading market.

• Each Dunamu share will be exchanged for 2.5422618 NAVER Financial shares.
• Upon completion, NAVER Financial will assume 100% ownership of Dunamu.
• The move is expected to streamline digital payment and virtual asset services for millions of Korean users.

The postponement reflects the complex nature of merging a major blockchain-based service provider with a traditional financial technology powerhouse. While the delay extends the period of transition, the commitment to the specific exchange ratio suggests that both parties remain confident in the long-term valuation and synergistic potential of the merger. Stakeholders and market observers will now look toward the February 2026 shareholder meeting for further updates on the integration of South Korea's largest exchange operator into the NAVER ecosystem.