South Korea’s Upbit eyes Nasdaq listing after merger with tech giant Naver: report

Upbit, South Korea’s largest cryptocurrency exchange, is preparing to pursue a Nasdaq listing following its planned merger with Naver, local news outlet Seoul Economic Daily reported Monday. Details on the expected valuation, timeline, or potential underwriting banks remain undisclosed.

Upbit is operated by Dunamu, which earlier this year agreed to merge under South Korean internet conglomerate Naver through a stock-swap transaction. As The Block reported at the time, the deal would consolidate Upbit’s corporate structure within one of the country’s biggest technology groups.

The IPO update comes during an active period for South Korea’s exchange sector. Rival platform Bithumb has been working toward its own public market push, having earlier explored a U.S. offering back in 2024 and reorganized parts of its business through a planned spinoff.

Meanwhile, Dunamu has reported strong financial performance over the past year, including 85% year-over-year profit growth and a tripling of shareholder dividends, according to regulatory disclosures cited in earlier coverage.

If pursued, a Nasdaq debut would represent one of the most significant U.S. listings tied to an Asian crypto exchange to date.