Upbit Eyes Nasdaq IPO After Major Merger With Naver, Bloomberg Reports
South Korean cryptocurrency exchange Upbit is reportedly setting its sights on an Initial Public Offering (IPO) on Nasdaq, a move that would follow a significant merger with domestic internet conglomerate Naver.
The potential public listing of one of Asia’s largest crypto platforms on a major U.S. exchange signifies a notable step in the ongoing convergence of digital assets and traditional finance.
According to a report from Bloomberg on Monday, Upbit intends to pursue a Nasdaq IPO once its merger with Naver is finalized.
Bloomberg Report Sparks Upbit IPO Speculation
Reports circulating suggest that the integration process between the two entities is nearing completion and could be finalized as early as this week. The news, initially surfaced via a post on X (formerly Twitter) citing Bloomberg, highlights a strategic maneuver that could reshape the financial landscape in South Korea and beyond.
The discussions regarding a potential partnership between Upbit’s parent company, Dunamu, and Naver initially emerged in September of the previous year.
Inside the Upbit–Naver Deal: A New Financial Powerhouse
Early reports at the time suggested a structural arrangement where Dunamu would be brought under the operational umbrella of Naver’s financial arm, Naver Financial, potentially through a stock swap deal.
While specific details of the exact mechanism remain under wraps, the current understanding of the merger plans indicates a broader ambition: the formation of a singular, integrated entity bridging the realms of cryptocurrency and traditional finance (TradFi).
This strategic consolidation between a leading crypto exchange and a sprawling internet and fintech giant like Naver sheds light on a growing trend within the global financial sector.
As digital assets gain wider acceptance and regulatory frameworks evolve, established tech firms are increasingly looking to integrate blockchain and crypto services into their existing ecosystems, while crypto-native companies seek broader market access and legitimacy through traditional financial channels.
The decision to target a Nasdaq IPO post-merger reflects a clear strategy to tap into the deep capital markets and diverse investor base offered by the United States.
Nasdaq, known for listing many of the world’s most innovative technology companies, has become an attractive venue for cryptocurrency firms looking to go public. A U.S. listing not only provides access to significant funding but also enhances global visibility, credibility, and liquidity for the company’s shares.
This move by Upbit, following its merger with Naver, is also set against a backdrop of increasing interest from other high-profile crypto companies in pursuing U.S. public listings.
Crypto Firms Are Rushing Toward Public Markets
The current calendar year has already seen prominent names such as Circle Internet Group (CRCL), the issuer of the USDC stablecoin; Bullish (BLSH), a digital asset exchange; and Gemini (GEMI), another major cryptocurrency exchange, list on public markets in the U.S.
Also read: Crypto IPOs Ride the Wave as Circle, Bullish and Gemini Join Tech’s Soaring Debuts
Additionally, Kraken, another leading global crypto exchange, is widely anticipated to follow suit with its own public listing in 2026, signaling a broader industry-wide push towards mainstream financial integration.
Such listings represent a maturing phase for the cryptocurrency industry, moving from niche, decentralized beginnings to seeking greater transparency, corporate governance, and investor protections typically associated with publicly traded companies.
However, navigating the stringent regulatory requirements and market scrutiny associated with a Nasdaq listing would be a significant undertaking, even for an entity backed by the combined might of Dunamu and Naver.
Despite the detailed nature of the reports, neither Naver nor Dunamu has yet issued an official statement or responded to requests for comment regarding the proposed merger or the subsequent IPO plans.
