NVIDIA’s $1B Naver Bet: The Indirect Path to Upbit Ownership

Woofun AI reports that NVIDIA has executed a $1 billion strategic investment in South Korean internet giant Naver, a move that establishes a 4.5% equity stake while simultaneously anchoring the chipmaker within the complex web of South Korea’s emerging digital asset infrastructure through Naver’s pending acquisition of Dunamu.

The transaction was officially disclosed on July 24th, Beijing Time, marking a pivotal moment in NVIDIA’s expansion into Asian AI markets. Through this capital injection, NVIDIA secures approximately 4.5% of Naver’s shares, positioning itself as a key shareholder rather than merely a vendor. The agreement extends beyond financial equity, mandating deep strategic cooperation centered on AI data centers. This infrastructure project is a joint venture between Naver and the U.S. private equity firm Brookfield, with the facility expected to double in scale. Crucially, the expanded data center will fully adopt NVIDIA’s AI computing hardware, ensuring that the underlying computational power driving Naver’s future AI capabilities is exclusively sourced from NVIDIA’s ecosystem.

While the primary focus of the deal is artificial intelligence, the implications for the cryptocurrency sector are significant due to Naver’s parallel corporate maneuvers. It is highlighted that the funds injected by NVIDIA support Naver’s ongoing AI data center project, yet the broader strategic context involves Naver Financial, the company’s financial subsidiary. Naver Financial is currently advancing a crucial transaction to acquire Dunamu, the parent company of Upbit, South Korea’s largest cryptocurrency exchange. This dual-track strategy—strengthening AI hardware ties with NVIDIA while pursuing dominance in digital asset trading—creates a unique intersection where semiconductor infrastructure meets crypto liquidity.

Naver’s interest in the cryptocurrency space predates its recent AI investments, revealing a long-standing ambition in digital assets. Established in 2017, Naver Financial was created to operate services such as Naver Pay, laying the groundwork for future fintech expansion. As early as 2021, Naver demonstrated a strong intent to enter the crypto market by attempting to acquire Bithumb, another major South Korean cryptocurrency exchange. Although that initial attempt was unsuccessful, it signaled Naver’s determination to integrate digital asset services into its broader ecosystem, setting the stage for subsequent moves that would eventually target Dunamu.

Following the setback with Bithumb, Naver did not halt its exploration of the cryptocurrency field but instead pivoted toward deeper cooperation with existing players. In 2025, Naver Financial began a strategic partnership with Dunamu, gradually extending its business into the realm of digital asset payments. The two parties engaged in detailed discussions regarding collaboration on the South Korean won stablecoin payment business. Under this framework, Naver Pay was designated to handle the payment scenarios, leveraging its extensive user base, while Dunamu provided the necessary technical support for digital assets, ensuring seamless integration between traditional finance and blockchain-based transactions.

Woofun AI data shows that the relationship between Naver Financial and Dunamu culminated in a formal announcement on September 25 of the same year, detailing a stock swap transaction aimed at achieving full acquisition. According to the plan disclosed by both parties, Naver Financial would issue new shares to exchange for the shares held by Dunamu shareholders. Upon completion of this transaction, Dunamu would become a wholly-owned subsidiary of Naver Financial. Consequently, its subsidiary, Upbit, would also become part of the Naver ecosystem, effectively merging one of South Korea’s largest internet platforms with its leading cryptocurrency exchange.

Upbit’s market position makes this acquisition particularly significant for the regional crypto landscape. Launched by Dunamu in 2017, Upbit has maintained a dominant presence in the South Korean digital asset trading market, handling a substantial portion of the country’s crypto volume. If the transaction is successfully completed, it will signify a profound integration between a South Korean traditional internet giant and a cryptocurrency exchange 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, this merger is expected to create one of the largest fintech companies in South Korea, reshaping the competitive dynamics of the region’s financial technology sector.

However, the path to completion has been obstructed by significant regulatory hurdles. As of now, the transaction has not been finalized due to involvement across multiple regulatory areas, including South Korea’s finance, digital assets, and large-scale corporate mergers. The primary obstacle stems from the antitrust review conducted by the South Korean Fair Trade Commission (FTC). Given that Naver is a significant player in the South Korean internet sector and Upbit has long dominated the South Korean cryptocurrency trading market, the merger could potentially create a vast business system covering payment, financial services, and digital asset trading. Regulatory agencies must therefore assess whether this consolidation will negatively impact market competition.

In addition to antitrust concerns, the transaction involves multiple other regulatory approval steps, including approval related to changes in Naver Financial’s largest shareholder and filings required by Dunamu under South Korea’s Specific Financial Transactions Information Act. These complexities have led to timeline delays, with Naver Financial and Dunamu announcing in July 2026 that the completion of the transaction would be postponed. The stock swap transaction, originally scheduled to be completed by September 2026, was delayed until December 31 of that year. Despite these setbacks, both parties have not abandoned the deal; Naver Financial stated it would continue to actively cooperate with the regulatory review process, while Dunamu emphasized that the partnership aims to enhance the competitive position of South Korean enterprises in the digital finance field.

Whether NVIDIA is truly becoming a shareholder of Upbit remains a question of indirect linkage rather than direct ownership. Based on the current progress of the acquisition between Naver and Dunamu, the strict answer is negative; NVIDIA will acquire about 4.5% of Naver’s shares, rather than directly holding any equity of Upbit or its parent company Dunamu.

However, if the future full acquisition transaction between Naver and Dunamu proceeds smoothly, with Upbit being integrated into Naver’s financial system, the trading platform does indeed have the potential to have an indirect equity relationship with NVIDIA at the shareholding level. This marks an unfinished capital connection path between Upbit, South Korea’s Top 1 cryptocurrency exchange, and NVIDIA, the world’s Top 1 market cap behemoth, a scenario closely monitored by industry observers on platforms like BlockBeats, Telegram, and Twitter.