Naver Financial and Dunamu delay share swap for third time

The companies have reset their internal timeline, moving the extraordinary shareholder meeting to February 26, 2027, with a new record date of January 18. Despite the three-month extension, both firms maintain that the fundamental structure and purpose of the acquisition remain unchanged. Naver Financial intends to acquire Dunamu—the operator of the Upbit cryptocurrency exchange—as a wholly owned subsidiary to integrate online payment services with digital asset operations.

Progress remains tethered to the Korea Fair Trade Commission’s business combination review and additional financial sector approvals linked to major shareholder shifts. The transaction has faced recurring friction since its inception, including a directive from the Financial Supervisory Service earlier this year to correct disclosure documents regarding future corporate restructuring. Furthermore, potential conflicts between emerging cryptocurrency ownership restrictions and existing holding company rules have added layers of uncertainty to the deal. While Naver Financial has previously signaled an interest in forming an IPO committee within one year of finalizing the exchange, no firm timetable for a public listing has been established.