The Upbit operator's planned merger into Naver Financial has been pushed back for a third time as regulatory reviews drag on.
Naver Financial has pushed back its planned acquisition of Dunamu through a comprehensive stock exchange to March 31, 2027, extending the transaction for a third time from its original June 2026 schedule.
Dunamu said its general shareholders’ meeting will now be held on Feb. 26, 2027, rather than Nov. 19. The stock exchange is now expected to be completed next year.
The companies originally set June 30 as the completion date before pushing it back to Sept. 30 and then Dec. 31. Naver Financial announced in November 2025 that it would acquire Dunamu as a wholly owned subsidiary by exchanging shares with Dunamu shareholders. The transaction would strengthen Naver Financial’s digital asset business and provide a future source of growth.
The deal still requires regulatory approvals, including Fair Trade Commission clearance of the merger, approval of the change in Naver Financial’s major shareholder and notification and acceptance of the corresponding change at Dunamu. The FTC’s review remains pending.
Dunamu said the latest schedule was pushed back after considering the progress of the procedures needed to complete the transaction, citing its large scale and unusual structure.
The delay has also clouded the timing of Naver Financial’s IPO. Naver Financial has said it intends to list its shares after the stock exchange is completed, but has yet to establish a specific date or a detailed listing plan.
