South Korea’s Naver Financial has postponed the schedule for a planned share swap with Dunum, the operator of cryptocurrency exchange Upbit, according to a regulatory filing posted on Monday.
The company said in a filing with the Financial Supervisory Service (FSS) that it plans to hold a shareholder vote on Aug. 18 and close the transaction on Sept. 30, about three months later than its original target date of late May or early June.
Naver Financial’s plans to acquire Dunamu were first revealed in September 2025, when local news agencies Yonhap News and Chosun News Agency reported that the company was preparing a share swap to bring the Upbit operating company under its control. The company later confirmed the deal in a regulatory filing on Nov. 26, outlining the approximately $10.3 billion all-stock deal.
The transaction is part of Naver Financial’s plan to bring Dunamu under its control as a wholly owned subsidiary. The deal brings together one of South Korea’s largest fintech platforms and the largest cryptocurrency exchange operator, making it one of the country’s most important crypto financial partnerships.
Digital Asset Basic Law may affect the outcome of transactions
Naver Financial’s FSS filing also outlines that the transaction is subject to multiple regulatory approvals related to changes in major shareholders and business combination review.
Naver said the deal could be further delayed or canceled depending on the progress of approvals.
He also said that discussions regarding South Korea’s proposed Digital Asset Basic Law are ongoing and could affect the schedule and outcome of the bill after it is enacted.
South Korea’s proposed Digital Asset Basic Law is a planned second phase of cryptography legislation that aims to go beyond the current user protection regime and create a broader rulebook for digital assets. The bill is expected to come into force in the first half of 2026.
Related: A day after $10 billion Naver transaction, Upbit hits $36 million Solana hot wallet breach
Cryptocurrency trading volume decreases, and Dunamu’s profit decreases
The postponement of the schedule comes after Dunamu reported a decline in its performance, with both revenue and profits expected to decline in 2025 amid weak cryptocurrency market activity.
According to the annual report filed with the FSS, the company’s sales were approximately 1.56 trillion won (approximately $1 billion), down 10% from the previous year. Operating profit decreased by 26.7% to 869.3 billion won (approximately $573.3 million), and net profit decreased by 27.9% to 708.9 billion won (approximately $467 million).
The company attributed this decline to lower trading volumes due to a broader slowdown in the cryptocurrency market.
According to research firm 10x Research, trading volume has recently fallen to its lowest level since 2022, with total weekly trading volume about 7% lower than average and network usage metrics such as Ethereum fees showing weak demand.
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