Naver Delays $10.3B Dunamu Deal as Profit Plummets 27%

Edgen Crypto

·Mar 30 2026, 12:31

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Key Takeaways

Naver Financial has postponed its landmark $10.3 billion acquisition of Dunamu, the operator of South Korea's largest crypto exchange Upbit, pushing the completion date back three months to September 30, 2026. The delay is driven by a combination of prolonged regulatory reviews, uncertainty surrounding the upcoming Digital Asset Basic Act, and a significant decline in Dunamu's profitability.

New Timeline: The all-stock transaction is now scheduled for completion on September 30, 2026, following a shareholder vote on August 18.
Profitability Slump: Dunamu's 2025 operating profit fell 26.7% to $573.3 million as a broader crypto market slowdown reduced trading volumes.
Regulatory Hurdles: The deal faces ongoing reviews and could be further impacted by South Korea's planned Digital Asset Basic Act, introducing significant uncertainty.

$10.3B Naver-Dunamu Merger Pushed to September 2026

Naver Financial has formally postponed its acquisition of Dunamu, the operator of South Korea's dominant crypto exchange Upbit, according to a Monday regulatory filing. The completion of the approximately $10.3 billion all-stock transaction is now targeted for September 30, 2026, a three-month delay from the original late May or early June schedule. A shareholder vote on the deal is slated for August 18. This merger, first announced in November 2025, aims to create a powerhouse in South Korea's financial landscape by combining Naver's fintech platform with the country's leading crypto exchange under a wholly owned subsidiary structure.

Dunamu's Operating Profit Drops 26.7%

The delay arrives as Dunamu's financial performance weakened significantly in 2025. According to its annual report filed with the Financial Supervisory Service, operating profit fell 26.7% year-over-year to 869.3 billion won (approx. $573.3 million), while revenue declined 10% to 1.56 trillion won (approx. $1 billion). The company attributed the downturn to reduced crypto trading volumes, a trend reflecting a broader market slowdown with activity at its lowest levels since 2022.

In addition to financial pressures, the transaction faces considerable regulatory headwinds. Naver's filing highlighted that the deal remains subject to multiple approvals and could be further delayed or even canceled. The timeline is also clouded by South Korea's pending Digital Asset Basic Act, a comprehensive crypto rulebook expected in the first half of 2026, which could materially alter the conditions and outcome of the acquisition.