Dunamu Pushes Back on Nasdaq Listing Speculation, Says No Market Has Been Chosen

Dunamu, the operator of crypto exchange Upbit, pushed back on speculation over a potential US Nasdaq listing, saying no such plan has been finalized.

Asia Economy reported on Aug. 24 that Dunamu recently asked EY Hanyoung about differences between Korean accounting standards and US GAAP. The inquiry fueled speculation that the company was making preliminary preparations for a US stock listing.

Dunamu said reports that it had completed the conversion of its financial statements to US accounting standards were inaccurate. The company said its inquiry about differences between Korean and US accounting rules had been misconstrued and denied starting any specific accounting work for a US listing.

The company also said the listing venue has not been determined. Dunamu said it plans to pursue a listing after completing a comprehensive stock swap, but has not decided which country it would list in. No specific market, including the US, has been selected.

Dunamu has been pursuing a comprehensive stock swap with Naver Financial since September 2025. The companies valued Dunamu at about $10.8 billion and Naver Financial at about $3.6 billion, and agreed to exchange 2.54 shares of Naver Financial for each Dunamu share. After the share swap, they plan to pursue a listing for Naver Financial.

The US market has been discussed as an alternative because Naver is already listed on the Kospi, raising potential concerns about a duplicate domestic listing if Naver Financial, or Dunamu after being folded into an affiliate through the swap, were to seek a listing in South Korea. Still, Dunamu has only said it will pursue a listing after the stock swap. Specific options, including a Nasdaq listing or the use of American depositary receipts, have not been decided.