According to @CryptoKing4Ever, crypto fundraising set a new all-time high in November 2025 following Naver Financial’s 10.3B move to acquire Dunamu, described as one of the largest M&A transactions in the sector, source: @CryptoKing4Ever on X, Dec 1, 2025. According to @CryptoKing4Ever, the author states institutional interest is rising quickly and signals strong sector growth ahead, source: @CryptoKing4Ever on X, Dec 1, 2025.

According to the source, Seoul Economic Daily reported that Dunamu, the operator of South Korea’s Upbit exchange, is planning a US IPO on Nasdaq following a merger with tech company Naver. Source: Seoul Economic Daily. Dunamu operates the Upbit digital asset trading platform in Korea, making it a key infrastructure player for KRW crypto liquidity. Source: Dunamu corporate information. A Nasdaq IPO would require SEC registration and ongoing disclosures under US securities laws, increasing transparency for investors who track exchange operators. Source: U.S. SEC. As a peer reference for valuation and sector read-through, Coinbase (ticker COIN) is listed on Nasdaq as a crypto exchange operator. Source: Nasdaq.

According to the source, Upbit operator Dunamu and Naver Financial are set to hold votes on a proposed merger as the market watches a possible IPO path. According to the source, this corporate action is being viewed as a potential catalyst for Korean won-denominated crypto trading on Upbit, prompting traders to monitor BTC/KRW and ETH/KRW volumes, spreads, and funding rates around the vote and any subsequent announcements. According to the source, the IPO angle could influence perceptions of regulatory readiness and capital access for the combined entity, factors traders often consider when assessing exchange-related liquidity conditions.