Ah, the theater of finance! Upbit, that voracious trading platform devouring over 70% of South Korea’s crypto volume like a glutton at a banquet, now teeters on the brink of a Nasdaq debut. All thanks to Naver, the tech titan with pockets deeper than a Russian novel’s despair. 🤑
- Upbit, South Korea’s crypto darling, inches closer to a Nasdaq listing-a tale of ambition and spreadsheets. 📈
- Naver, ever the strategist, plots to swallow Upbit’s parent, Dunamu, in a $14.5 billion stock-swap merger. A feast fit for oligarchs! 🍴
- Board approval looms on November 26-a date that could reshape Asia’s digital finance like a Chekhovian twist. 🎭
SE Daily, ever the whisperer of secrets, first spilled the ink on this corporate ballet. Naver Financial and Dunamu waltz toward a merger, their steps choreographed by billions. Upbit, soon a wholly owned Naver subsidiary, may yet grace the Nasdaq stage-another crypto firm lured by the siren song of public markets. 🌊
But ah, the drama! Dunamu’s profits dwarf Naver’s like a bear overshadowing a hare. Minority shareholders, those pesky critics, demanded a higher valuation. The exchange ratio? A revised 1:3.3-3.4 in Dunamu’s favor. Upbit, it seems, is no mere player-it’s the star of Korea’s financial theater. 🎭
Numbers, those cold-hearted raconteurs, tell the tale: Dunamu’s KRW 1.186 trillion in operating profit by 2024’s end-nearly tenfold Naver Financial’s meager KRW 103.5 billion. And in the third quarter of 2025? A $165 million net income, up 300% year-over-year. Bravo! 👏
Why it matters
Naver, should this merger succeed, would command over 70% of South Korea’s crypto trading volume. Upbit’s dominance, unshaken through 2024 and 2025, peaked at 80% in some months. The Financial Supervisory Service reveals: 833 trillion won ($642 billion) in transactions in the first half of 2025 alone. A sum so vast, it could fund a lifetime of banya visits! 🧖♂️
Yet, the crypto world rushes to public markets like lemmings to a cliff. Galaxy Digital shifted to Nasdaq, Kraken filed for 2026, and Circle, Gemini, Bullish, and Figure already bask in New York’s glow. Even Grayscale, under the ticker “GRAY,” plans its debut. Meanwhile, Upbit’s rival, Bithumb, spins off divisions and eyes KOSDAQ-perhaps even Nasdaq. A circus of ambition! 🎪
But not all seek the spotlight. Phantom Wallet’s CEO, a voice of reason, declares no plans for a native blockchain or public listing. A reminder: not every story ends with a standing ovation. 🦉
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2025-11-24 22:28