🧵 Dunamu (Upbit) FY2025 Annual Report + Naver Financial Stock Swap — Key Summary 1/ 📊 Earnings Overview (Consolidated) Revenue: $1.07B (YoY -10.0%) Operating Profit: $599M (YoY -26.7%) Net Income: $489M (YoY -27.9%) Trading platform fees account for 98.3% of revenue. Fee revenue alone: $1.06B. 2/ 📉 Why Revenue Declined Dunamu standalone revenue dropped ~$130M from prior year. Operating expenses surged to $475M, up 26.3% YoY → double hit from rising costs + falling revenue, crushing operating margins. 3/ 💰 Balance Sheet Total Assets: $9.1B (down from $10.6B) Total Equity: $4.3B (up slightly from $4.1B) Cash: $278M (down from $348M) Short-term bonds/deposits: $5.1B → conservative allocation in deposits & fixed income 4/ 🔥 Key Filing: Naver Financial × Dunamu Comprehensive Stock Swap Naver Financial to become Dunamu's 100% parent company. Dunamu share swap price: $303/share (₩439,252) Naver Financial share price: $119/share (₩172,780) Swap ratio: 1 Dunamu share → 2.5423 Naver Financial shares Equity value ratio: Dunamu : Naver Financial = 3.065 : 1 DCF valuation by PwC Samil + fairness opinion by Changcheon Accounting ("Appropriate"). 5/ 📅3/30 Amended Filing: Timeline Delayed ~3 Months Record date: 4/27 → 7/22Shareholders' meeting: 5/22 → 8/18Appraisal rights exercise: 5/22–6/11 → 8/18–9/7 Swap completion date: 6/30 → 9/30 Reason: Delays in government approvals — FTC merger clearance, Naver Financial major shareholder change approval, Dunamu major shareholder change filing under AML/CFT regulations. 🔑 Key Takeaways If Naver Financial becomes parent → stays consolidated under Naver Corp. This is effectively Naver absorbing Upbit into its structure. The 3-month delay signals how high the regulatory hurdles are. At the swap price of $303/share, Dunamu's implied market cap is ~$10.6B (₩15.3T) → top-tier global valuation among private crypto companies.

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Dunamu (Upbit) Confirms IPO Roadmap Post-Naver Financial Merger Dunamu said it’ll move ahead with its IPO as soon as the share swap with Naver Financial is fully wrapped up. Basically, closing that deal is the key step before listing. On the buyback risk that came up during the merger process, the company said it has more than enough cash set aside to handle it. It also pointed to last year’s numbers, posting KRW 1.56T in revenue and KRW 869.3B in operating profit. From here, the bigger picture is AI + blockchain and overseas expansion. Dunamu says it’s looking at AI agent wallets and trading services, bringing in corporate and foreign clients, and expanding Upbit further globally, including Vietnam.