COMPANY PROFILE / PUBLIC INFORMATION
Dunamu
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
Dunamu operates Upbit, a Korean digital-asset exchange, alongside services including Securities Plus and blockchain infrastructure. Trading-platform fees generated ₩395.5bn, or 96.91% of operating revenue, in H1 2026. This category includes broader platform services as well as exchange trading. [1] Dunamu agreed a comprehensive share exchange with Naver Financial on 26 November 2025. If completed, Naver Financial would own all of Dunamu, with each Dunamu share exchanged for 2.5422618 new Naver Financial shares. The two companies would remain separate legal entities. The 7 October 2026 amendment schedules completion for 31 March 2027, subject to the transaction’s conditions. [2]
Competitive Edge
PROFITABLE THROUGH A SLOWER PERIOD Dunamu generated ₩869.3bn of operating profit on ₩1,557.8bn of revenue in FY2025, a calculated operating margin of 55.8%. H1 2026 revenue and profit fell sharply, but the company remained profitable with a 27.3% operating margin. [1] FINANCIAL INSTITUTIONS ON THE REGISTER The 30 June 2026 shareholder disclosure lists Hanwha Investment & Securities at 9.84%, Woori Technology Investment at 7.20% and Hana Bank at 6.55% of issued shares. Samsung Securities separately announced an acquisition of approximately 2%; completion has not been independently confirmed for this profile. [1][3] A PROPOSED LINK WITH NAVER FINANCIAL The share exchange would place Dunamu within Naver Financial’s group while each company continues its existing business. The resulting commercial benefits depend on completion and execution. [2]
Why We’re Watching
Dunamu provides a case study in how investors value a profitable digital-asset exchange through a volatile earnings cycle. FY2025 revenue declined 10.0% to ₩1,557.8bn, while operating profit declined 26.7% to ₩869.3bn. H1 2026 revenue fell 49.1% and operating profit fell 79.7% against the same half of 2025. [1] The proposed exchange sets a reference of ₩439,252 per Dunamu share. Applying that price to 34,875,342 issued shares gives a gross illustration of approximately ₩15.3tn. Treasury-share cancellation and other closing terms mean this is not the final exchange consideration or a current executable market quote. We are watching the exchange timetable, shareholder decisions, appraisal-right claims and the durability of operating profits. [1][2] The investors’ agreement contemplates efforts toward a later Naver Financial IPO, including an IPO committee within one year after the exchange closes. The filing states that no specific IPO execution decision, schedule or plan has been made. [2]
Key Risks
EXCHANGE COMPLETION AND TIMING The 7 October 2026 amendment schedules closing for 31 March 2027. Completion depends on shareholder approval, regulatory requirements and other conditions. The disclosed timetable can change. Appraisal-right claims of ₩1.2tn or more at either company may permit termination, but the contract also allows threshold adjustments and negotiation. [2] FEE DEPENDENCE AND EARNINGS VOLATILITY Trading-platform fees accounted for 96.91% of H1 2026 operating revenue. H1 operating profit was ₩111.5bn, compared with ₩549.1bn a year earlier. Revenue and earnings depend heavily on digital-asset trading activity, which can change quickly. Annual and half-year figures should be assessed separately. [1] BALANCE-SHEET AND ASSET-PRICE EXPOSURE Consolidated assets stood at ₩10.19tn and equity at ₩5.65tn on 30 June 2026. Changes in asset values can affect the balance sheet and comprehensive income separately from operating profit. [1] REGULATION AND LATER IPO EXECUTION The exchange filing identifies regulatory requirements and warns that the proposed Digital Asset Basic Act could affect progress or outcome. A contemplated Naver Financial IPO would require further decisions and execution after the exchange; it is not a confirmed listing event. [2] VALUATION AND OWNERSHIP REFERENCES The exchange reference is transaction-specific. The ownership chart is a historical snapshot at 30 June 2026, includes treasury shares and is not fully diluted. It does not show the ownership structure after the proposed exchange. [1][2]
Publicly Reported Metrics
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[1] Dunamu — H1 2026 report, filed 14 August 2026. Consolidated summary for FY2024 and FY2025, detailed H1 2025 and H1 2026 income statement, balance sheet and 30 June 2026 ownership disclosure: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260814003803 [2] Dunamu — comprehensive share-exchange report, amended 7 October 2026. Agreement dated 26 November 2025, exchange ratio and valuation, revised timetable, conditions and post-completion intentions: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20261007000268 [3] Samsung Securities — acquisition of Dunamu shares, announced 28 May 2026. Planned acquisition of 697,487 shares, representing approximately 2.00%; subsequent completion has not been independently verified for this profile: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260528800002 Annual and interim financials are consolidated and shown separately. H1 figures are not annualized. Ownership chart percentages are calculated from disclosed share counts divided by 34,875,342 issued common shares, including treasury shares. DART reports Song Chi-hyung and related parties at 27.39%, while the disclosed 9,559,529 shares calculate to 27.4106%; the chart uses the calculated percentage. Song’s individual holding is already included in that group. Treasury shares are shown separately, and Other shareholders is the residual. The filing’s small-shareholder percentage of 25.72% uses a different population and a denominator excluding treasury shares, and is not this residual. Samsung Securities is not shown as a confirmed named holder. The exchange timetable is as disclosed on 7 October 2026, not a real-time approvals tracker. Future dates are scheduled and conditional. The per-share reference and gross issued-share calculation do not establish a current market price or an available investment through LASQUAD.
AT A GLANCE
Founded
3 April 2012
Headquarters
Seoul, South Korea
Last Updated
27 October 2026