Naver Corp. has addressed speculation about a possible Nasdaq debut for its financial division, with CEO Choi Soo-yeon clarifying
that no conclusive decisions have been reached
concerning an overseas stock market listing for either Naver Financial or its newly acquired cryptocurrency platform Upbit. This clarification comes amid rumors about the tech conglomerate's intentions to merge its fintech branch with Dunamu—the company behind South Korea’s largest crypto exchange—and seek a U.S. IPO.
The merger, estimated at around $10.3 billion, involves Naver Financial
taking over Dunamu through an all-stock transaction
, with 87.56 million new shares to be issued, making the crypto firm a fully owned subsidiary. The integration is designed to bolster Naver’s digital finance capabilities by combining Upbit’s blockchain strengths with Naver Financial’s expertise in payments and asset management. Although the deal was initially seen as a precursor to a Nasdaq listing,
CEO Choi reiterated that no IPO plans have been finalized
, noting that broader national agreement and regulatory harmonization are still required.
The idea of a Nasdaq listing had previously gained momentum as part of Naver’s global expansion strategy. Local outlets and market watchers speculated that the merged company might pursue a U.S. IPO to ride the wave of crypto-related listings, following the footsteps of competitors like Gemini and Bullish on American exchanges. However, the CEO’s recent comments indicate a more cautious stance, with the company placing greater emphasis on domestic regulatory certainty and market steadiness rather than rapid international growth.
Industry experts point out that the merger itself marks a major transformation in South Korea’s fintech sector. By bringing Upbit—the country’s leading crypto exchange by trading volume—into its fold, Naver
seeks to establish an integrated digital finance ecosystem
that can rival major global tech players. With a combined valuation projected at $13.8 billion, the new entity is set to become a significant force in the regional digital asset market, though its route to international stock exchanges remains unclear.
Regulatory challenges and fluctuating market conditions add further uncertainty to the timeline for a potential Nasdaq IPO. South Korea’s Financial Supervisory Service has already reviewed Upbit’s compliance, and any crypto-related public offering in the U.S. would face strict regulatory scrutiny. Moreover, the recent volatility in the global crypto sector, which wiped out over $1 trillion in value, could discourage hasty listings.
Naver’s choice to postpone a definitive decision
highlights these obstacles, as the company turns its attention to strengthening its domestic business and exploring stablecoin initiatives.
The CEO’s openness has received mixed feedback. Some investors are frustrated by the absence of a clear schedule, while others view the cautious approach as wise given the sector’s risks.
Market analysts believe any future Nasdaq pursuit
would likely be tied to broader strategic objectives, such as growing Naver’s international payments infrastructure or launching a stablecoin pegged to the Korean won. For now, the company’s leadership in the domestic market and its ability to manage regulatory and market challenges will remain central to its growth story.
