[Bitcoin Now] "Naver-Dunamu Share Swap... Potential Changes in Governance Structure in Focus"

On September 29, Hanwha Investment & Securities analyzed that if a share swap between Naver Financial and Dunamu is pursued, it would ultimately result in Naver Chairman Lee Haejin transferring both his controlling shareholder and management positions to Dunamu Chairman Song Chi-hyung.

Hanwha Investment & Securities predicted that a share swap between Naver Financial and Dunamu would resemble a merger between Circle and Coinbase. Kim So-hye, a researcher at Hanwha Investment & Securities, stated, "Since last Thursday and over the weekend, media reports have continued regarding the share swap issue between Naver Financial and Dunamu," adding, "If Naver issues a stablecoin, connects it to the Naver Pay payment network that processes approximately 50 trillion won in annual transactions, and simultaneously operates on Upbit's GIWA chain, such a business model can be anticipated."

The company explained that after the merger, it is highly likely that Dunamu founder Song Chi-hyung will become the largest shareholder. Kim said, "Given the business and asset values, the exchange ratio between Naver Financial and Dunamu is expected to be around 1 to 4," and added, "It is highly likely that Dunamu founder Song Chi-hyung will become the largest shareholder of the merged entity."

She continued, "In the short term, the merged entity, Naver Financial, is expected to undergo a revaluation process with the goal of listing on the Nasdaq," and added, "Both Naver and existing Dunamu shareholders are expected to benefit from this."

Furthermore, she assessed that it is highly likely that Naver's controlling shareholder will also change in the end. Kim stated, "If Naver Financial merges with Naver or conducts another share swap, it is expected that Chairman Song Chi-hyung's stake will surpass that of Chairman Lee Haejin," and added, "If this deal proceeds as anticipated, it would result in Chairman Lee Haejin transferring both his controlling shareholder and management positions to Chairman Song Chi-hyung."

She emphasized, "Naver, which has maintained a monopolistic position in the search and commerce markets, is at a point where a new growth engine is desperately needed," and continued, "Choosing the nation's top expert as a leader to drive financial innovation centered on stablecoins and virtual assets is considered the best decision." She further stressed, "This issue not only strongly presents the company's future direction for the first time in a long while, but is also expected to be a major deal that could raise its valuation multiples."