This article was posted on the ChosunBiz MoneyMove (MM) site at 10:16 a.m. on Oct. 24, 2025.
As Dunamu, which operates Upbit, the country's largest virtual asset exchange, and Naver Financial, a Naver subsidiary, pursue a comprehensive stock exchange, Dunamu's sending of a shareholder letter has been repeatedly delayed. Dunamu had originally planned to send shareholders a letter notifying them of the exchange ratio and the price for shareholders' purchase requests as early as the 13th, but there has been no sign of it yet.
According to the investment banking industry on the 24th, the two companies have not yet finalized the stock exchange ratio because they are adjusting shareholders' interests. In particular, Mirae Asset Financial Group, the second-largest shareholder of Naver Financial, is reportedly unable to agree on the corporate value.
In the market, the theory 'Dunamu:Naver Financial = 3:1' is gaining traction. It is likely that Dunamu's corporate value will be estimated at 14 trillion to 15 trillion won and Naver Financial's corporate value at around 5 trillion won. In that case, after the stock exchange, Naver Financial's largest shareholder would be Dunamu chairman Song Chi-hyung, who would hold about 19% of the shares. Naver's stake is estimated at about 17.5% and Mirae Asset's stake at 7.5%.
According to the investment banking industry, the major shareholders of the two companies are sharply divided over corporate value. Among them, Mirae Asset, the second-largest shareholder of Naver Financial, is said to be reacting sensitively. Mirae Asset holds 30% of Naver Financial. Excluding Naver (70%), it is the only shareholder.
An industry source said, "Mirae Asset thinks Naver Financial should be recognized as having at least the corporate value of Kakao Pay (market capitalization of about 7 trillion won)."
Depending on how this stock exchange ratio is set, Mirae Asset could be a shareholder who would suffer losses if Naver Financial and Naver merge in the future. If the Naver Financial–Dunamu exchange ratio is 1 to 3, under the assumption that Naver Financial and Naver merge in the future, Mirae Asset's stake in Naver is estimated to be only 2.6% (related article ☞'Song Chi-hyung, Naver major shareholder theory'... the more the exchange ratio favors Dunamu, the more only Mirae Asset suffers).
Naver can push ahead with the stock exchange between Dunamu and Naver Financial regardless of whether Mirae Asset agrees. A comprehensive stock exchange is a matter requiring a special resolution at a shareholders' meeting. At least two-thirds of the shareholders present (by voting rights) and at least one-third of the total issued shares must agree. With a 70% stake, Naver is in a position to unilaterally pass the stock exchange agenda.
An industry source said, "That said, it would be unreasonable for Naver and Dunamu to unilaterally set the stock exchange ratio while ignoring Mirae Asset's position," adding, "I understand they are trying to finalize the ratio by comprehensively considering the interests of both companies' shareholders."
In this regard, a Mirae Asset official said, "We are keeping quiet because speaking out would not change the situation."