Core Insights - Naver is moving closer to acquiring Upbit, South Korea's largest crypto exchange, with board meetings scheduled for November 26 to confirm a stock swap deal with Dunamu, the operator of Upbit [1][2] Company Developments - Naver's founder and chair, Lee Hae-jin, will explain the merger plan at the board meeting and hold a press conference on November 27, alongside Dunamu CEO Song Chi-hyung [2] - The merger details, first revealed in September, indicate that Naver, with a market cap of $39.2 billion, will gain control of Dunamu [2] Financial Details - Upbit's trading volumes exceeded $2 billion in the past 24 hours, indicating significant market activity [3] - The merger will involve a stock swap where Dunamu shareholders will exchange their shares for newly issued Naver Financial shares at a ratio of 1:3, resulting in Dunamu becoming a wholly owned subsidiary of Naver Financial [4][5] Regulatory Environment - Regulatory challenges may arise as South Korean lawmakers have raised concerns about Upbit's dominant position in the crypto market, with Upbit holding a 71.6% share of total domestic crypto trading volumes in the first half of 2026 [6]