By Azuma(@azuma_eth)
On July 24th Beijing time, NVIDIA officially announced a $1 billion investment in the South Korean internet giant Naver to further boost AI infrastructure construction in South Korea. According to subsequent disclosures by Naver, through this strategic investment, NVIDIA will acquire approximately 4.5% of Naver's shares, becoming a significant shareholder of Naver.
This investment is not merely a financial stake acquisition but will involve deeper strategic cooperation centered on AI data centers. Bloomberg added in its report that the funds NVIDIA is injecting will be used to support an AI data center project currently under construction by Naver. This data center, jointly developed by Naver and the US private equity firm Brookfield, will fully utilize NVIDIA's AI computing hardware in the future, with its overall scale expected to more than double.
For NVIDIA, this investment in Naver represents another crucial step in its ongoing expansion around AI computing power, data centers, and the supply chain system. For Naver, this collaboration will further strengthen its position in the competition for AI infrastructure in South Korea.
Another Identity of Naver: The 'Quasi' Parent Company of Upbit
For the cryptocurrency industry, the reason NVIDIA's equity investment in Naver has attracted additional attention lies not in Naver's own AI infrastructure layout, but because the company is currently, through its financial subsidiary Naver Financial, advancing a significant transaction involving the South Korean cryptocurrency industry — the acquisition of Upbit's parent company, Dunamu.
Naver Financial was established in 2017 and is primarily responsible for operating services like Naver Pay.
As early as 2021, Naver showed strong interest in the cryptocurrency field by attempting to acquire the major South Korean crypto exchange Bithumb. Although this effort ultimately did not succeed, it revealed Naver's ambitions in digital assets.
Despite the initial setback, Naver did not cease its exploration of the cryptocurrency space.
In 2025, Naver Financial began in-depth cooperation with Dunamu and gradually extended its business reach into digital asset payments — the two parties discussed collaboration around KRW stablecoin payment services, with Naver Pay handling payment scenarios and Dunamu providing digital asset-related technical support.
On September 25th of the same year, Naver Financial officially announced that it would jointly promote a share swap transaction with Dunamu to achieve a full acquisition of the latter. According to the plan disclosed by both parties, Naver Financial will issue new shares to exchange for the shares held by Dunamu's shareholders. Upon completion of the transaction, Dunamu will become a wholly-owned subsidiary of Naver Financial, and Upbit under it will enter the Naver ecosystem.
- Odaily Note: For details, please refer to 《From Missing Bithumb to Acquiring Upbit: The Evolution of Naver's Crypto Ambitions》.
As one of South Korea's largest cryptocurrency exchanges, Upbit was launched by Dunamu in 2017 and has long held a significant position in the South Korean digital asset trading market. If this transaction is successfully completed, it will signify a deep integration between a traditional South Korean internet giant and a cryptocurrency trading platform.
According to information previously disclosed by South Korean media, the valuation of the share swap transaction between Naver Financial and Dunamu is approximately $9.9 billion. Upon completion, it is expected to create one of South Korea's largest fintech enterprises.
However, due to some unforeseen reasons, this transaction has not been completed as of now.
Acquisition Intent Agreed, But Stuck on Antitrust Regulation
According to the initial plan of Naver Financial and Dunamu, both parties hoped to complete the integration within 2026. However, due to its involvement in multiple regulatory areas such as South Korean finance, digital assets, and the combination of large enterprises, the approval process for the transaction has not progressed smoothly.
The biggest obstacle comes from the antitrust review by the Korea Fair Trade Commission (KFTC). Since Naver is a major player in the South Korean internet sector, and Upbit has long held a leading position in the South Korean cryptocurrency trading market, the combination of the two companies could form a vast business system covering payments, financial services, and digital asset trading. Therefore, regulators need to assess whether this would impact market competition.
In addition, this transaction involves multiple regulatory approval stages, including approvals related to the change of the largest shareholder of Naver Financial, and relevant declarations by Dunamu according to South Korea's "Specific Financial Transaction Information Act."
In July 2026, Naver Financial and Dunamu announced another delay in the transaction completion date. The share swap transaction originally scheduled for completion in September 2026 was postponed to December 31st of this year.
However, both parties have not abandoned the deal. Naver Financial stated that the company will continue to actively cooperate with the regulatory review process and promote the smooth completion of the transaction; Dunamu also emphasized that the cooperation aims to enhance the competitiveness of South Korean enterprises in the digital finance field.
Although the acquisition intent between Naver and Dunamu was agreed upon long ago, whether this transaction valued at approximately $9.9 billion will ultimately materialize still depends on the final regulatory approval. This will also determine whether Upbit officially becomes part of Naver's financial landscape.
So, Is NVIDIA Really Going to Become a Shareholder of Upbit?
Is NVIDIA really going to become a shareholder of Upbit? Based on the current progress of the acquisition between Naver and Dunamu, the strict answer is still no.
NVIDIA will acquire approximately 4.5% of Naver's shares, not directly hold any equity in Upbit or its parent company Dunamu. If the full acquisition transaction between Naver and Dunamu proceeds smoothly in the future, as Upbit is integrated into Naver's financial system, the exchange could indeed establish an indirect equity connection with NVIDIA.
However, for now, this remains only a potential future relationship. A more accurate description of the current situation is that a yet-to-be-completed capital connection path has emerged between Upbit, South Korea's Top 1 cryptocurrency exchange, and NVIDIA, the world's Top 1 market capitalization giant.
