Highlights:
- Naver Financial postpones the Dunamu share swap to September due to regulatory changes and a shift in approval requirements.
- Dunamu cites a 10% decline in revenues as trading on Upbit reduces throughout the year.
- Profits decline drastically, and assets and customer deposits decline in tandem with reduced trading demand.
The Naver Financial Dunamu share swap has been rescheduled after South Korea’s fintech unit of Naver adjusted its acquisition timeline for crypto exchange operator Dunamu, according to the latest Financial report, on Monday. The revised plan sets a new schedule for shareholder approval and transaction completion, while newly released financial data shows a year-over-year decline in Dunamu’s revenue and profit.
The update notes that the acquisition process occurred alongside a period of reduced trading activity on Dunamu’s core platform, Upbit, which accounted for the majority of its income during the reporting period.
Naver Financial Dunamu share swap timeline revised
Naver Financial stated in a filing with the Financial Supervisory Service that the Naver Financial Dunamu share swap will proceed later than initially expected. The shareholder vote is now scheduled for August 18, with the transaction expected to close on September 30.
The deal was first announced in September 2025 in local media, which reported that Naver Financial planned to acquire Dunamu through a share swap. The companies later confirmed the deal structure in a November 26 filing, describing an all-stock transaction valued at about $10.3 billion.
Moreover, local reporting indicated that the delay was linked to changes in licensing approvals and the regulatory framework.
Economic performance reflects lower trading.
According to Dunamu’s latest financial report, the key performance indicators for 2025 have decreased. The consolidated operating revenue was reported at 1.56 trillion won (1.03 billion), down from 1.73 trillion won (1.1 billion) in 2024. The approximately 10% year-on-year reduction was blamed on decreased trading on its platform.
Source: Dunamu Business Report
Operating profit decreased by 26.7% to 869.3 billion won (573 million), and net profit decreased by 27.9% to 708.9 billion won (468 million). The company cited a decline in the scale of cryptocurrency trading as the key reason for the decrease in profits.
Meanwhile, the commission on trading platform sales remained the largest contributor, accounting for 1.01 billion, or 98.3%, of total revenue. This figure declined from 1.71 trillion won ($1.13 billion) in 2024, reflecting a contraction in user activity on Upbit. Other sources of income contributed a smaller share. Services, including securities-related applications and blockchain infrastructure, generated 27.1 billion won ($17.9 million), accounting for 1.7% of total revenue.
The company’s balance sheet data also showed a decline in total assets. Dunamu reported assets of 13.17 trillion won (8.7 billion) at the end of 2025, a decline of 2.15 trillion won (1.4 billion) from the prior year.
The current assets declined to 2.18 trillion won ($1.4 billion), which the company blamed on decreased customer deposits. The decline in deposits coincided with lower trading activity and reduced revenue generation on its exchange platform.
Business operations extend beyond exchange services.
In addition to its core exchange business, Dunamu, founded in 2012, offers various services. In October 2017, the company introduced Upbit, which is its core source of revenue. Other products include Upbit NFTs, staking, coin accumulation programs, and borrowing capabilities for digital assets. In addition to cryptocurrency, Dunamu launched Securities Plus, a platform for investment information, in February 2014. The site has integrated stock trading features with partnerships with the local security firms.
The firm also provides blockchain infrastructure services under the Luniverse and Nodit platforms and has expanded its business into the enterprise and technology segments. The company also offers blockchain infrastructure services through platforms such as Luniverse and Nodit, expanding its operations into the enterprise and technology sectors.
Strategic direction and IPO consideration
The Naver Financial Dunamu share swap continues to move forward alongside previously reported strategic plans. Both companies announced plans to invest 10 trillion won ($6.8 billion) in artificial intelligence and blockchain-based financial infrastructure in 2025.
Simultaneously, Dunamu has been linked to a potential first-round public offering in the US. In November, local media reported that the company is planning to list on Nasdaq, but no schedule has been announced. These changes show that Dunamu is pursuing several projects as it moves forward with the acquisition process, according to the new timeline.
