Naver Stock Jumps 11% Amid Reports of Upbit Acquisition

[kevin1]

Shares of Naver surged more than 11.4% on Thursday after reports surfaced of its plan to acquire Dunamu, operator of South Korea’s leading crypto exchange, Upbit.

The stock climbed to 254,000 Korean won ($181), reflecting strong investor optimism over the company’s entry into crypto and digital finance.

Naver reported revenue of over $2 billion and net profit of $355 million in Q2 2024, and analysts say the Dunamu acquisition could unlock new growth in the rapidly expanding digital asset market.

South Korea’s crypto adoption is booming, with over 16 million exchange users reported in February and projections suggesting the figure could reach 20 million by year’s end. Market revenue is expected to grow to $1.3 billion by 2026, according to Statista.

By merging with Upbit’s vast customer base, Naver could be uniquely positioned to capture both domestic and global demand in the digital finance era.

[EmTeam]

Naver pumping 11.4% after Upbit acquisition news Investors clearly bullish on their crypto + digital finance expansion.

[Abdul Khan]

Stock at ₩254,000 ($181) shows strong optimism Naver stepping into crypto with Dunamu could reshape Korea’s fintech scene.