South Korea’s Naver Financial has postponed its planned share swap with Dunamu, the operator of crypto exchange Upbit, according to a regulatory filing on Monday.
In its filing with the Financial Supervisory Service (FSS), Naver Financial said it now expects to hold a shareholder vote on Aug. 18 and complete the transaction by Sept. 30—roughly three months later than the original target dates of late May or early June.
Naver Financial first revealed its plans to acquire Dunamu in September 2025, with local outlets Yonhap and Chosun reporting the company’s intention to conduct a share swap. The transaction, later confirmed in a Nov. 26 regulatory filing, outlines an all-stock deal valued at approximately $10.3 billion.
The acquisition would make Dunamu a wholly owned subsidiary of Naver Financial, combining one of South Korea’s largest fintech platforms with the country’s biggest crypto exchange. Analysts say it could become one of the most significant crypto-finance tie-ups in South Korea.
Regulatory approvals and proposed crypto law could affect timing
Naver Financial noted in its filing that the deal is still subject to regulatory approvals tied to major shareholding changes and business combination reviews. The company warned that the transaction could face further delays or even cancellation depending on the pace of approvals.
Ongoing discussions around South Korea’s proposed Digital Asset Basic Act could also impact the timeline or outcome. The legislation, expected in the first half of 2026, is intended as a second-phase crypto law that expands beyond current user-protection rules to create a comprehensive regulatory framework for digital assets.
Dunamu reports declining profits amid falling crypto trading volumes
The delay coincides with Dunamu reporting weaker financial results for 2025, reflecting subdued activity in the crypto market. According to its FSS annual report, the company posted revenue of about 1.56 trillion won ($1 billion), down 10% year-on-year. Operating profit fell 26.7% to 869.3 billion won ($573.3 million), while net profit declined 27.9% to 708.9 billion won ($467 million).
Dunamu attributed the decline to lower trading volumes during the broader crypto market slowdown. Research firm 10x Research noted that weekly trading volumes recently hit their lowest levels since 2022, with metrics such as Ethereum network fees signaling weaker demand.
