Nvidia sắp trở thành cổ đông của Upbit?

Original: Odaily Planet Daily (@OdailyChina)

Author: Azuma (@azuma_eth)

On July 24, Beijing time, Nvidia officially announced a $1 billion investment in South Korean internet giant Naver to further bolster AI infrastructure development in South Korea. According to subsequent disclosures from Naver, Nvidia will receive approximately 4.5% of Naver's shares through this strategic investment, making it a significant shareholder in Naver.

This investment is not purely financial; it centers on deeper strategic collaboration around AI data centers. Bloomberg added that the funds from Nvidia will support Naver's ongoing AI data center project, developed jointly 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.

For Nvidia, this investment in Naver marks a crucial step in its continuous expansion around AI computing power, data centers, and supply chains. For Naver, this partnership will further enhance its position in South Korea's competitive AI infrastructure landscape.

Naver's Other Identity: Upbit's "Quasi" Parent Company

For the cryptocurrency industry, the extra attention on Nvidia's stake in Naver stems not from Naver's AI infrastructure strategy itself, but because the company is currently pursuing a major deal involving the South Korean crypto sector through its financial subsidiary, Naver Financial — the acquisition of Dunamu, the parent company of Upbit.

Naver Financial was established in 2017 and primarily operates payment services like Naver Pay.

As early as 2021, Naver showed strong interest in the cryptocurrency space, attempting to acquire Bithumb, another leading South Korean crypto exchange. Although that effort ultimately failed, it revealed Naver's ambitions in digital assets.

Despite the initial setback, Naver did not halt its exploration of the crypto sector.

In 2025, Naver Financial began deepening cooperation with Dunamu, gradually extending its business reach into digital asset payments. The two parties discussed collaborations on a Korean won stablecoin payment service, with Naver Pay providing the payment infrastructure and Dunamu offering digital asset technical support.

On September 25 of the same year, Naver Financial officially announced a share swap agreement with Dunamu for a full acquisition. Under the proposed plan, Naver Financial would issue new shares in exchange for shares held by Dunamu's shareholders. Upon completion, Dunamu would become a wholly owned subsidiary of Naver Financial, bringing Upbit into the Naver ecosystem.

• Odaily Note: For details, see "From Missing Bithumb to Acquiring 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 dominant position in the country's digital asset trading market. If the deal is successfully completed, it will represent a deep integration between a traditional internet giant and a crypto trading platform.

According to previous reports from South Korean media, the share swap between Naver Financial and Dunamu is valued at approximately $9.9 billion. Upon completion, it is expected to create one of the largest fintech enterprises in South Korea.

However, due to unforeseen circumstances, the deal has yet to be finalized as of now.

Acquisition Intent Reached, but Stalled by Antitrust Regulation

According to the initial plan between Naver Financial and Dunamu, both parties hoped to complete the integration within 2026. However, the approval process has faced hurdles due to the involvement of multiple regulatory areas, including South Korea's financial, digital asset, and large enterprise merger regulations.

The biggest obstacle comes from the antitrust review by the Korea Fair Trade Commission (KFTC). Given Naver's status as a major internet player in South Korea and Upbit's leading position in the country's crypto trading market, their combination could create a massive business system encompassing payments, financial services, and digital asset trading. Regulators must assess whether it would impact market competition.

In addition to the antitrust review, the deal also requires multiple regulatory approvals, including changes to Naver Financial's largest shareholder and relevant 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 completion date, postponing the originally scheduled September 2026 closing to December 31 of this year.

However, neither party has abandoned the deal. Naver Financial stated it will continue to cooperate with the regulatory review process to facilitate the transaction. Dunamu also emphasized that the partnership 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 deal will ultimately materialize depends on final regulatory approvals, which will also determine whether Upbit officially becomes part of Naver's financial landscape.

So, Is Nvidia Really Becoming an Upbit Shareholder?

Is Nvidia truly becoming a shareholder of Upbit? Strictly speaking, based on the current acquisition progress between Naver and Dunamu, the answer is still no.

Nvidia is set to 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 proceeds smoothly in the future, as Upbit integrates into Naver's financial system, the exchange could indeed establish an indirect equity link with Nvidia.

However, this remains a potential future relationship. A more accurate description of the current situation is that this top South Korean crypto exchange, Upbit, and the world's largest company by market cap, Nvidia, have established an as-yet-incomplete capital connection path.