Naver-Dunamu Cryptocurrency ‘Giant’ Estimated to Generate $2.1 Billion Annually, According to Analysts

The suggested merger between Naver and Dunamu, the operator of the Upbit crypto exchange, has the potential to form a “mega company” with annual profits estimated at $2.1 billion, according to experts.

As reported by South Korean media outlets Newsis and Wow TV, the Naver-Dunamu merger is “anticipated to yield KRW 3 trillion in consolidated operating profits.”

Nonetheless, experts indicate that “regulatory uncertainties” persist, with some discussing five significant legal hurdles that could impede the companies’ progress this month.

The top 10 coins by trading volume on the Upbit crypto exchange on October 15, 2025. (Source: CoinGecko)

Naver-Dunamu Crypto Merger: Optimism Surrounding Deal, Says Expert

The media outlets spoke with Jang Ho-yoon, a researcher at Korea Investment & Securities.

The researcher noted that Naver “has consistently been relatively undervalued” in the South Korean market, in contrast to its competitor Kakao, which “has achieved a high valuation through business expansion.” He elaborated:

“The acquisition of Dunamu will enable Naver to fully penetrate the crypto sector. Stablecoins, in particular, could create substantial synergy with Naver’s current advertising, commerce, and fintech operations.”

The Kospi surpassed the 3,600 mark for the first time in early trading on Friday as Korean markets reopened following the extended Chuseok holiday, driven by a surge in semiconductor and biotech stocks after strong momentum from U.S. chipmaker Nvidia. https://t.co/HMv6UQaJXd

— The Korea JoongAng Daily (@JoongAngDaily) October 10, 2025

Naver stands as the largest internet company in the country. Its subsidiary, Naver Financial, already manages several banking and e-payment platforms.

The company aims to merge Naver Financial with Dunamu, which operates South Korea’s largest crypto trading platform. This integration would establish Asia’s largest fintech entity. Jung explained:

“The industry anticipates that the new entity will develop a stablecoin ecosystem centered around Dunamu’s exchange operations and its GIWA protocol [Upbit’s Layer-2 Ethereum-based chain]. Combining this with Naver’s existing services will position it favorably against competitors in both the crypto and general payment markets.”

We’re excited to announce that $YGG is now listed on @official_Upbit spot (KRW).
Thank you to our amazing Korean Community! https://t.co/g5WGmmxvJU

— Yield Guild Games (@YieldGuild) October 15, 2025

Trading Surge Anticipated?

The researcher also forecasted an impending surge in crypto trading activity. He stated that as the United States enters “a rate-cut cycle,” crypto trading volumes are expected to rise. Jung elaborated:

“As advanced blockchain-based businesses, such as stablecoins and tokenized securities, gain traction in Korea, various business opportunities will emerge for Naver.”

Jang Ho-yoon, a researcher at the South Korean securities provider Korea Investment & Securities. (@joosik_school/YouTube/Screenshot)

Jung suggested that the merger would “unlock numerous possibilities for Naver,” which has experienced a decline in its valuation due to “a lack of new growth drivers.”

While some continue to assert that regulatory approval for the merger remains uncertain, the researcher noted a “relatively positive atmosphere” surrounding the agreement.

Although regulations currently restrict banks from participating in crypto-related activities, some argue that these regulations do not apply to e-payment providers like Naver.

Jung mentioned that there is ambiguity regarding whether fintech companies such as Naver Financial should be classified as traditional financial institutions. He stated:

“The levels of uncertainty surrounding the merger are not particularly high.”

The researcher concluded that the proposed merger positions Naver as “the most significant internet large-cap stock to monitor next year.”

Last month, Naver Financial announced a plan to effectively acquire Dunamu through a proposed comprehensive stock swap agreement.

Upbit currently holds over 70% of the South Korean market share, according to recent estimates. The discussions regarding the merger have sparked speculation that Naver Financial-Dunamu may seek to go public on the NASDAQ exchange.

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