Quick Take

• South Korean exchange Upbit is reportedly preparing to pursue a Nasdaq IPO following its planned merger with internet giant Naver.
• The news comes as rival platform Bithumb also explores a U.S. listing, signaling growing IPO ambitions among Korean exchanges.

Upbit, South Korea’s largest cryptocurrency exchange, is preparing to pursue a Nasdaq listing following its planned merger with Naver, local news outlet Seoul Economic Daily reported Monday. Details on the expected valuation, timeline, or potential underwriting banks remain undisclosed.

Upbit is operated by Dunamu, which earlier this year agreed to merge under South Korean internet conglomerate Naver through a stock-swap transaction. As The Block reported at the time, the deal would consolidate Upbit’s corporate structure within one of the country’s biggest technology groups.

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