Naver Financial has postponed its planned share swap with Dunamu, the company behind South Korean crypto exchange Upbit, according to a regulatory filing submitted on Monday. The company now expects to hold a shareholder vote on August 18 and finalize the transaction on September 30. This represents a delay of approximately three months from the previously targeted completion window of late May or early June.
The deal was first reported in September 2025, when local news outlets Yonhap and Chosun revealed that Naver Financial was preparing a share swap to bring Dunamu into its corporate structure. The company formally confirmed the transaction in a November 26 regulatory filing, describing an all-stock deal valued at approximately $10.3 billion. The arrangement is designed to make Dunamu a wholly owned subsidiary of Naver Financial.
The proposed tie-up would unite one of South Korea’s largest fintech platforms with the operator of the country’s dominant crypto exchange. Analysts have described it as one of the most significant crypto-finance combinations in South Korean history. The deal remains subject to several regulatory approvals, including reviews tied to changes in major shareholding and business combination assessments filed with the Financial Supervisory Service.
Naver Financial cautioned in its filing that the transaction could face further delays or even cancellation depending on how regulatory approvals progress. The company also flagged that ongoing legislative discussions around South Korea’s proposed Digital Asset Basic Act could influence the timeline or final outcome of the deal. That legislation is intended as a second-phase crypto law designed to establish a broader regulatory framework for digital assets beyond the existing user-protection rules, with enactment expected in the first half of 2026.
The delay coincides with a period of weaker financial performance at Dunamu. According to the company’s annual report filed with the FSS, Dunamu posted revenue of approximately 1.56 trillion won, or around $1 billion, in 2025, representing a 10% decline from the prior year. Operating profit dropped 26.7% to 869.3 billion won, equivalent to roughly $573.3 million, while net profit fell 27.9% to 708.9 billion won, or approximately $467 million.
Dunamu attributed the weaker results to reduced trading volumes during a broader slowdown across crypto markets. Research firm 10x Research noted that trading volumes recently fell to their lowest levels since 2022, with total weekly volume down around 7% from average. Network usage indicators, including Ethereum transaction fees, also pointed to subdued demand during the period.
Despite the financial headwinds and regulatory uncertainties, Naver Financial has not withdrawn from the deal. The company’s filing indicates it remains committed to completing the transaction, contingent on securing the necessary approvals and navigating the evolving legislative environment surrounding digital assets in South Korea.
Originally reported by CoinTelegraph.
