Nvidia, about to become a shareholder of Upbit?
- Core Insight: Nvidia has announced a $1 billion investment in South Korean internet giant Naver, aimed at accelerating AI infrastructure construction; as Naver is currently pursuing a full acquisition of Upbit's parent company, Dunamu, this investment has sparked market speculation that Nvidia could indirectly become an Upbit shareholder. However, the acquisition is still pending antitrust regulatory approval.
- Key Elements:
- Nvidia will invest $1 billion to acquire approximately 4.5% of Naver's shares, supporting its AI data center project, which will fully adopt Nvidia hardware and expand its scale by more than two times.
- Naver's financial subsidiary, Naver Financial, plans to acquire Dunamu entirely through a share swap transaction, valuing the deal at approximately $9.9 billion. If completed, Upbit will be integrated into the Naver ecosystem.
- The acquisition was initially planned for completion within 2026, but due to antitrust review by the Korea Fair Trade Commission and other regulatory procedures, the transaction deadline has been postponed to December 31, 2026.
- Nvidia directly holds only Naver shares and does not directly hold any equity in Upbit or Dunamu; while Upbit may eventually have an indirect equity connection with Nvidia, this link has not yet been finalized.
Original by Odaily (@OdailyChina)
Author: Azuma (@azuma_eth)
On July 24, Beijing time, Nvidia officially announced a $1 billion strategic investment in South Korean internet giant Naver, aiming to further bolster South Korea's AI infrastructure construction. According to subsequent disclosures from Naver, Nvidia will acquire approximately 4.5% of Naver's shares through this strategic investment, becoming one of Naver's key shareholders.
This investment is not purely financial but involves deeper strategic cooperation centered around AI data centers. Bloomberg added that the funds from Nvidia will support Naver's ongoing AI data center project, which is being jointly developed by Naver and U.S. private equity firm Brookfield. The facility will fully adopt Nvidia's AI computing hardware, with its overall scale expected to more than double from its current size.
For Nvidia, this investment in Naver represents a significant step in its continuous expansion around AI computing power, data centers, and supply chain systems. For Naver, this collaboration will further enhance its position in the competition for South Korea's AI infrastructure.
Naver’s Other Identity: The "Quasi" Parent Company of Upbit
For the cryptocurrency industry, the reason Nvidia's stake in Naver has sparked additional interest is not solely due to Naver's AI infrastructure layout, but because Naver is currently advancing a major transaction involving the South Korean crypto sector through its financial subsidiary, Naver Financial, to acquire Dunamu, the parent company of Upbit.
Founded in 2017, Naver Financial is primarily responsible for operating payment services like Naver Pay.
As early as 2021, Naver showed strong interest in the cryptocurrency field, attempting to acquire Bithumb, a major South Korean crypto exchange. Although that attempt ultimately failed, it signaled Naver's ambitions in digital assets.
Despite this initial setback, Naver did not cease its exploration of the cryptocurrency space.
In 2025, Naver Financial began in-depth cooperation with Dunamu, gradually extending its business reach into digital asset payments. The two parties discussed collaboration around a Korean won stablecoin payment service, with Naver Pay providing the payment scenario and Dunamu offering technical support for digital assets.
On September 25 of the same year, Naver Financial officially announced a stock swap transaction with Dunamu to achieve a full acquisition of the latter. Under the announced plan, Naver Financial would issue new shares in exchange for shares held by Dunamu's shareholders. Upon completion of the transaction, Dunamu would become a wholly-owned subsidiary of Naver Financial, bringing Upbit into the Naver ecosystem.
- Odaily Note: For more details, see "From Missing Bithumb to Securing Upbit: The Evolution of Naver’s Crypto Ambitions".
As one of South Korea's largest cryptocurrency exchanges, Upbit was launched by Dunamu in 2017 and has long held a significant position in the country's digital asset trading market. If this transaction is successfully completed, it will represent a deep integration between a traditional South Korean internet giant and a cryptocurrency trading platform.
According to information previously disclosed by South Korean media, the stock swap transaction between Naver Financial and Dunamu is valued at approximately $9.9 billion. Upon completion, it is expected to create one of the largest fintech companies in South Korea.
However, due to certain unforeseen reasons, the transaction has yet to be finalized.
Acquisition Intent Reached, But Stalled by Antitrust Regulation
According to the initial plans of Naver Financial and Dunamu, both parties hoped to complete the integration within 2026. However, because the transaction involves multiple regulatory areas, including South Korean finance, digital assets, and large corporate combinations, the approval process has not been smooth.
The most significant obstacle comes from the antitrust review by the South Korea Fair Trade Commission (FTC). Given Naver's status as a major player in South Korea's internet sector and Upbit's long-standing leading position in the country's crypto trading market, their combination could form a vast business system covering payments, financial services, and digital asset trading. Consequently, regulators need to assess its potential impact on market competition.
In addition, the transaction involves several other regulatory approval steps, including the approval of changes to Naver Financial's largest shareholder and related filings by Dunamu under South Korea's Act on Reporting and Using Specified Financial Transaction Information.
In July 2026, Naver Financial and Dunamu announced another delay in the transaction's completion date. The stock swap, originally scheduled for completion in September 2026, has been postponed to December 31 of this year.
However, neither party has abandoned the deal. Naver Financial stated that it will continue to actively cooperate with the regulatory review process to facilitate the successful completion of the transaction. Dunamu also emphasized that the cooperation aims to enhance the competitiveness of South Korean enterprises in the digital finance sector.
Although the acquisition intent between Naver and Dunamu has long been aligned, whether this approximately $9.9 billion transaction will ultimately be consummated still depends on final regulatory approvals. This will also determine whether Upbit officially becomes part of Naver's financial landscape.
So, Is Nvidia Really Becoming a Shareholder of Upbit?
Is Nvidia truly becoming a shareholder of Upbit? Based on the current acquisition progress between Naver and Dunamu, strictly speaking, the answer remains no.
Nvidia will acquire approximately 4.5% of Naver's shares, not directly hold any equity in Upbit or its parent company, Dunamu. If the full acquisition between Naver and Dunamu proceed smoothly in the future, as Upbit is integrated into Naver's financial system, the exchange could indeed develop an indirect equity link with Nvidia.
However, this remains a potential future relationship at this stage. A more accurate description of the current situation is that a yet-to-be-completed capital connection path is emerging between Upbit, South Korea's top cryptocurrency exchange, and Nvidia, the world's top market cap behemoth.
