Upbit Eyes Nasdaq Listing After Merger with Naver

South Korea’s leading crypto exchange, Upbit, is preparing to list on the Nasdaq. This follows its planned merger with internet giant Naver, according to a local news outlet. 

If completed, the Nasdaq debut would be one of the largest U.S. listings for an Asian crypto exchange.

Merger with Naver Strengthens Upbit

Upbit, operated by Dunamu, is moving closer to a U.S. public listing as it consolidates its operations under Naver, South Korea’s leading tech conglomerate. Earlier this year, Dunamu agreed to merge with Naver in a stock-swap deal. This merger brings Upbit under one of South Korea’s largest technology groups. 

This comes as Dunamu has shown strong financial results over the past year. Regulatory filings showed that its profits went up by 85% compared to last year, and shareholder dividends have tripled. This growth makes Upbit stronger and more appealing to investors around the world.

By teaming up with Naver, the company plans to improve its business, get more resources, and expand in the digital finance market. Notably, the exact details of the listing have not yet been announced. This includes the expected value, timeline, or banks handling the process. 

South Korean Crypto Exchanges Look to U.S. Markets

Meanwhile, Upbit is not the only South Korean exchange planning to go public in the United States. Bithumb, another trading platform, is also making efforts to make the same move. In alignment to this, Bithumb carried out a business reorganization earlier this year in order to be better positioned to manage investments. 

At the same time,  it is likely to be a strategy to challenge the dominance of Upbit which has the largest daily trading volume in South Korea. These steps show that South Korean exchanges are looking at U.S. listings to build trust and access global investors.

This move might inspire other Asian exchanges and digital finance companies to expand internationally, helping connect the crypto industry more closely with traditional global markets.

Upbit Joins Global Trend of U.S. IPOs

Upbit’s Nasdaq plans are part of a larger trend of international companies seeking U.S. public listings. A recent report shows that the IPO market is coming back, with 121 companies going public in 2024 and raising $27.3 billion.

By listing in the U.S., companies can reach more investors, improve their global reputation, and compete better worldwide. Upbit is joining this trend, showing that crypto platforms can also take part.

This trend is expected to keep going in 2026 as private companies are poised to take advantage of good market conditions.