Dunamu Completes US GAAP Conversion in Preparation for US Listing

Dunamu, the operator of South Korea’s Upbit crypto exchange, has completed the conversion of its financial statements to US GAAP as it prepares for a US listing, according to a media report.

Dunamu recently completed the conversion of its existing financial statements to US GAAP with the help of a major South Korean accounting firm, the Chosun Ilbo reported on Aug. 24. Preparing financial statements under US accounting standards is a required step for companies seeking to list in the US.

Since September 2025, Dunamu has been pursuing a comprehensive stock swap with Naver Financial. The companies were valued at about $10.9 billion for Dunamu and about $3.6 billion for Naver Financial, implying an exchange ratio of 2.54 Naver Financial shares for each Dunamu share. A shareholder meeting is scheduled for Nov. 19, 2026, and the stock swap is set for Dec. 31, 2026. The companies had originally planned the shareholder meeting for May 22, 2026, and the stock swap for June 30, 2026, but postponed the schedule twice.

The two companies are also pursuing a plan to complete a listing within a certain period after the stock swap, the newspaper reported. The US GAAP conversion was carried out as part of those preparations. A senior official at South Korea’s financial authorities said the shift to US accounting standards is a procedure required for a US listing and that whether an individual company lists in the US is not a matter for regulators to interfere with.

An American depositary receipt, or ADR, is being discussed as a possible route for Dunamu’s US listing. A so-called flip structure, in which a separate US holding company is established and the Korean entity is placed under it as a subsidiary, is no longer under consideration, the report said. An ADR would allow Dunamu to keep its corporate entity in South Korea while listing on a US exchange.