Naver Dunamu pushed forward the share swap to September 2026
South Korea's Never Financial has pushed back the timeline for its planned stock exchange with Dunamu, the operator of crypto exchange Upbit, according to a regulatory filing posted on Monday.
In a Financial Supervisory Service (FSS) filing, the company said it would hold a shareholder vote on August 18 and complete the transaction on September 30, marking a three-month delay from earlier plans for late May or early June.
Naver Financial's plan to acquire Dunamu was first revealed in September 2025, when local news agencies Yonhap and Chosun reported that the company was preparing a stock exchange to bring the Appbit operator under its umbrella. The company later confirmed the transaction in a Nov. 26 regulatory filing, listing the all-stock deal at about $10.3 billion.
The transaction is part of Naver Financial's plan to bring Dunum under its wholly-owned subsidiary. The transaction will combine one of South Korea's largest fintech platforms with the largest crypto exchange operator, making it one of the largest crypto-finance tie-ups in the country.
The fundamental law of digital property may affect the effect of the agreement.
Naver Financial's FSS filing said the deal remains subject to a number of regulatory approvals in connection with changes in the valuation of major stock and business combinations.
According to Naver, the transaction may be further delayed or even canceled.
He said ongoing discussions around South Korea's proposed Digital Property Basic Law could affect the timeline or outcome of the law once it is enacted.
South Korea's Digital Asset Basic Law is a secondary crypto law that aims to go beyond the current user-protection regime and create a broader handbook for digital assets. The law is expected to be announced in the first half of 2026.
Related: Upbit hit by $36M Solana hot wallet breach after $10B Naver deal
When the trading volume of the crypto decreased, the profit of the dunam decreased
The pushed timeline comes as Dunamu reports a decline in operating performance, with revenue and profit both falling in 2025 due to weak activity in the crypto market.
According to its annual report to FSS, the company reported revenue of 1.56 trillion won (about $1 billion), down 10% year-on-year. Operating profit rose 26.7 percent to 869.3 billion won (about $573.3 million), while net profit rose 27.9 percent to 708.9 billion won (about $467 million).
The company attributed the decline in trading volume to a period of widespread slowdown in the crypto market.
According to research firm 10x Research, transaction volumes recently fell to their lowest level since 2022, with overall weekly volume down 7% from an average and indicators of network usage such as Ethereum payments showing a decline in demand.
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