Upbit Targets Nasdaq Listing Following Naver Merger

Upbit, South Korea’s largest crypto exchange, is preparing for a Nasdaq initial public offering once it completes a merger with internet giant Naver.

The deal, expected to close this week, will fold Upbit’s parent company Dunamu into Naver’s financial arm through a stock swap, creating a combined entity that links crypto and traditional finance operations.

The move signals a major shift for South Korea’s digital asset sector, which has pushed for global expansion following years of domestic regulatory adjustments. A Nasdaq listing would place Upbit among a growing group of crypto companies entering U.S. public markets. Circle, Bullish, and Gemini have all listed this year, while Kraken is expected to pursue an offering in 2026.

The merger gives Naver deeper access to blockchain markets while giving Dunamu the scale needed to compete internationally.

Upbit has been one of the highest-volume exchanges in Asia, and a U.S. listing would provide greater capital access and global visibility.