Dunamu Pushes Back on Nasdaq IPO Talk, Says No Listing Market Has Been Decided
Summary
- Dunamu said nothing has been decided regarding the possibility of a US Nasdaq listing.
- Dunamu said it asked EY Hanyoung about differences between Korean accounting standards and US GAAP, but that the inquiry was not part of preparations for a US listing.
- Dunamu said it plans to pursue a listing after a comprehensive share swap with Naver Financial, but the listing venue and method have yet to be decided.
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Dunamu, the operator of South Korean cryptocurrency exchange Upbit, said no decision has been made on a potential US Nasdaq listing.
Asia Economy reported on Aug. 24 that Dunamu recently asked EY Hanyoung about differences between Korean accounting standards and US GAAP. That fueled speculation in parts of the market that the company had begun preliminary preparations for a US stock-market listing.
Dunamu said reports that it had completed work to convert its financial statements to US accounting standards were untrue. The company added that its inquiry on differences between Korean and US accounting rules had been misconstrued and denied starting specific accounting work for a US listing.
The company also said it has not decided where to list. Dunamu said it plans to pursue a listing after completing a comprehensive share swap, but has not determined which country it will seek to list in. No specific market, including US exchanges, has been confirmed.
Dunamu has been pursuing a comprehensive share swap with Naver Financial since September 2025. The two companies valued Dunamu at about $10.9 billion and Naver Financial at about $3.6 billion, and proposed exchanging 2.54 shares of Naver Financial for each Dunamu share. After the share swap, they plan to pursue a listing for Naver Financial.
The US stock market has been cited as an alternative because Naver is already listed on the Kospi, raising potential concerns over a duplicate listing if Naver Financial or Dunamu, after being incorporated into an affiliate through the share swap, seeks a domestic listing. Still, Dunamu has only publicly said it will pursue a listing after the share swap. Specific options, including a Nasdaq listing or the use of American depositary receipts, have not been finalized.
