Isabella García
Upbit — South Korea’s biggest cryptocurrency exchange — is gearing up for a potential Nasdaq listing following its upcoming merger with tech giant Naver, according to a report from Seoul Economic Daily. The exchange has not yet disclosed details regarding valuation expectations, listing timeline, or underwriting partners, leaving many specifics still under wraps.
Upbit is operated by Dunamu, which earlier this year agreed to merge with Naver through a stock-swap transaction. As previously reported by PRIME, the move will place Upbit under one of South Korea’s most influential technology ecosystems, streamlining governance and expanding strategic capabilities across both firms.
The IPO update comes at a busy moment for the country’s crypto exchange industry. Competitor Bithumb has been actively pursuing its own listing ambitions, having previously evaluated a potential U.S. IPO in 2024 and restructuring parts of its business ahead of a planned spinoff.
Dunamu Reports Strong Financial Momentum
Dunamu’s recent financial disclosures show the company is entering this next phase from a position of strength. The firm reported 85% year-over-year profit growth, alongside a threefold increase in shareholder dividends — signaling robust demand and solid operational performance despite shifting market conditions.
A Potential Landmark Listing for Asian Crypto Firms
If Upbit proceeds with a Nasdaq debut, it would mark one of the most high-profile U.S. listings ever pursued by an Asian crypto exchange, highlighting South Korea’s expanding global footprint in digital finance.
