: Analysis of the Naver–Upbit merger scenario and the share price outlook
Woori Technology Investment's share price has been weak day after day recently. As a major shareholder of Upbit, it has been directly hit by the crypto market's roller-coaster ride. But investors should look past the current chart to the fundamental change that **‘the comprehensive share swap between Dunamu and Naver Financial’** will bring.
1. The real reason for the recent share price drop: “fading catalysts and a macro pincer attack”
Woori Technology Investment's recent decline can be attributed to two main factors.
- Bitcoin correction: The crypto market, which peaked in October 2025, fell as liquidity shrank from year-end quantitative tightening (QT), and the stock fell with it.
- Profit-taking on priced-in news: As the Naver merger rumors that had circulated since September became official in November, short-term profit-taking in a ‘sell the news’ fashion appears to have poured in.
2. Naver + Upbit merger: what does it mean for Woori Technology Investment?
According to the November announcement, Naver Financial and Dunamu will 1 to 2.54swap shares at that ratio. Once the merger is complete, Dunamu will become a wholly owned (100%) subsidiary of Naver Financial.
| Category | Key details and impact |
| Revaluation of the stake | Upgraded from a stake in a mere ‘crypto exchange’ to a core stake in ‘Korea's largest fintech platform’ |
| Exit becomes visible | A stake tied into Naver's giant IT ecosystem gets far higher liquidity and valuation than a stake in unlisted Dunamu |
| Business synergy | Naver's traffic + Upbit's payment infrastructure speed up new businesses such as a ‘won-backed stablecoin’ |
3. Share price outlook and investment points
Until the merger process is wrapped up First half of 2026, Woori Technology Investment's share price is likely to follow the path below.
- Short-term view (volatile stretch): Until liquidity in the crypto market recovers, the share price may keep forming a bottom. But if support in the low KRW 7,000 range holds firm, it could be a buying opportunity.
- Mid- to long-term view (valuation re-rating): Once next year's Q2 shareholders' meeting and the June share swap are complete, the value of Woori Technology Investment's 7.2% stake in Dunamu a stake in the ‘Naver fintech alliance’will be converted into. This means it will turn from a stock tied only to Bitcoin's price into a stock that bets on the growth of Naver's financial ecosystem.
💡 Expert insight: “From coin stock to platform stock”
Seeing Woori Technology Investment as merely a ‘Bitcoin-related stock’ is now outdated. Through this merger, Woori Technology Investment has become a **‘hidden beneficiary’ of a giant financial company combining Naver, Korea's No. 1 IT company, and Upbit, Korea's No. 1 exchange**.
In one line: Now, while the share price is falling due to crypto volatility, may actually be the last low-price buying window to become a shareholder in the giant Naver–Upbit platform.
