Naver, Dunamu Eye Nasdaq IPO in $34.5B Merger

• Scheduled board meetings on November 26 set to finalize the merger.
• Plans include a "super app" combining payments, trading, and blockchain.
• Post-merger Nasdaq IPO positions the company in the global crypto market.

On November 25, 2025, BusinessKorea and Chosunbiz reported that Naver Financial and Dunamu are moving closer to finalizing their high-profile merger. Scheduled board meetings on November 26 will confirm the agreement, followed by a joint announcement on November 27. Naver Chairman Lee Hae-jin and Dunamu Chairman Song Chi-hyung are set to unveil specific details at a press conference.

The merger will be executed via a comprehensive stock exchange, making Dunamu a wholly-owned subsidiary of Naver Financial. Under this structure, Dunamu is valued at approximately 15 trillion won, while Naver Financial is valued at 5 trillion won. The share exchange ratio will involve 1 Dunamu share for 3 Naver Financial shares. As a result, Dunamu’s shareholders are projected to hold about 30% equity in the merged entity, while Naver Financial’s current majority stake of 69% will dilute to around 17%.

The primary aim of the merger is to create a groundbreaking "super app" by combining Naver Financial’s payment infrastructure with Dunamu’s expertise in virtual asset trading. According to FinanceFeeds on November 25, 2025, this app will integrate payments, trading, and blockchain-based digital finance into a unified ecosystem, driving user engagement and operational efficiency.

Post-merger, plans for a Nasdaq listing are already underway, as reported by The Korea Herald on October 19, 2025. Analysts estimate the merged entity's valuation ranging between 40 and 50 trillion won ($34.5 billion), positioning the company as a formidable competitor in the global blockchain and cryptocurrency industries. A successful Nasdaq IPO would provide U.S. investors an opportunity to tap into South Korea's robust crypto market. The deal still awaits regulatory approval in South Korea, with competition-related concerns likely under scrutiny.

Separately, Cryptopolitan highlighted Naver Financial’s continued blockchain innovation with the development of a stablecoin wallet service called "Silk Pocket," scheduled to launch next month. Integrating KRW-stablecoin functionality into Naver Pay and Busan’s local currency, Dongbaekjeon, Silk Pocket will facilitate seamless transactions for local users and international tourists, removing currency exchange barriers.

Both the merger and blockchain advancements underscore Naver Financial’s growing ambitions in global financial markets and blockchain technology. The upcoming board meetings and the joint announcement on November 27 will set the stage for the next phase of this transformative partnership.