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By Kwanwoo Jun
Naver's shares surged Thursday, after the South Korean internet platform giant confirmed that it was in talks to acquire a local cryptocurrency-exchange operator.
The stock rose 11% to close at 254,000 won, equivalent to $180.79. That marked the sharpest daily gain in more than three months. The benchmark Kospi finished flat.
The rally came after Naver said in a regulatory filing Thursday afternoon that its fintech affiliate, Naver Financial, was in talks on a stock swap with Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit.
Naver Financial and Dunamu are also discussing cooperating in other areas, including a stablecoin project, but nothing has been decided yet, said the regulatory filing, which came after local media reported that Naver was seeking to take over Dunamu through a stock swap.
Some analysts have been upbeat on a potential partnership between Naver and Dunamu to issue won-backed stablecoins.
Mirae Asset Securities analyst Lim Hee-seok said in a recent research note that such a joint stablecoin project, if successfully launched, could grow into a business with an annual profit of 300 billion won, equivalent to $213.5 million, by 2030. Revenue from the potential stablecoin project could increase to 1 trillion won by 2035, Lim said.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
September 25, 2025 04:03 ET (08:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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