South Korea’s Naver Financial has delayed its planned $10.3 billion all-stock acquisition of Dunamu, operator of the Upbit crypto exchange. The shareholder vote is now scheduled for August 18, with completion targeted for September 30, a three-month delay. The deal remains subject to regulatory approvals and could be affected by the pending Digital Asset Basic Act.
Naver Financial has postponed its major share swap with Dunamu. The company stated it now expects a shareholder vote on August 18 and aims to complete the transaction by September 30.
This marks a roughly three-month delay from the original late May or early June target. The deal, first revealed in September 2025, would make Dunamu a wholly owned subsidiary of the fintech giant.
The transaction combines South Korea’s leading fintech platform with its largest crypto exchange operator. It remains one of the country’s most significant crypto-finance mergers.
Regulatory approvals for changes in major shareholding and business combination are still required. “It also said ongoing discussions around South Korea’s proposed Digital Asset Basic Act could affect the timeline or outcome once the legislation is enacted.”
The proposed Digital Asset Basic Act is a broader crypto rulebook expected in the first half of 2026. Naver noted the deal could face further delays or even cancellation depending on approval progress.
Dunamu’s financial performance has weakened amid a market slowdown. According to its annual report, 2025 revenue fell 10% to approximately $1 billion.
Operating profit declined 26.7% to about $573 million, while net profit dropped 27.9% to around $467 million. The company attributed the decline to reduced crypto trading volumes.
According to research firm 10x Research, trading volumes recently fell to their lowest levels since 2022. Total weekly volume was down about 7% from average, signaling subdued market demand.
