Upbit, the largest cryptocurrency exchange in South Korea, is reportedly planning a significant move to the U.S. public markets with a Nasdaq listing, according to a Monday report by the Seoul Economic Daily.
The international IPO push follows Upbit’s planned merger under South Korean internet giant Naver, which was agreed upon earlier this year via a stock-swap transaction. Upbit is operated by Dunamu, and the deal is set to consolidate its corporate structure within one of the nation’s largest technology conglomerates.
Details regarding the expected valuation, timeline, or potential underwriting banks for the Nasdaq debut remain undisclosed.
If successfully pursued, the listing would mark one of the most prominent U.S. offerings to date by an Asian cryptocurrency exchange.
The development comes as South Korea’s exchange sector sees increased activity. Upbit’s rival, Bithumb, has also been restructuring and exploring options for its own public market push.
Dunamu, Upbit’s operator, has demonstrated strong recent financial performance, reporting an 85% year-over-year profit growth and tripling shareholder dividends, according to regulatory filings cited in prior reports.
