South Korean cryptocurrency exchange Upbit is considering an initial public offering (IPO) on Nasdaq, according to a Bloomberg report on Monday.
The Seoul-based platform is in the process of merging with South Korean internet giant Naver, and reports say the merger will be completed this week.
Upbit will target a Nasdaq IPO once the merger is complete, according to an X Monday post citing Bloomberg.
The deal between Upbit and Naver was first reported in September, with suggestions that the former’s parent company, Dunamu, would come under the umbrella of Naver’s financial arm through a share swap deal.
Merger plans now aim for Dunamu and Naver Financial to form a single entity that unites cryptocurrencies and traditional finance (TradFi).
This calendar year has seen high-profile crypto companies Circle Internet Group (CRCL), Bullish (BLSH), and Gemini (GEMI) list on US public markets, with Kraken expected to do the same in 2026.
Naver and Dunamu did not immediately respond to CoinDesk’s request for comment.
