Naver Corp., one of South Korea’s leading internet companies, is preparing to buy back and cancel approximately 1 trillion won, or about $745 million, in treasury stock. The planned repurchase would be more than twice the size of the company’s 2024 buyback program.

The move comes as Naver advances a broader fintech strategy that includes cryptocurrency infrastructure through its financial subsidiary, Naver Financial. Treasury stock cancellation is a common form of capital management because it permanently removes repurchased shares from circulation, making the scale and timing of Naver’s plan relevant alongside its larger digital finance agenda.

Naver expands its buyback activity

The planned treasury stock cancellation follows earlier share repurchase efforts by the company. In 2024, Naver planned to buy back and cancel shares worth 400 billion won, or roughly $306 million. In the prior year, the company carried out a buyback of 1.64 million shares valued at approximately 305.3 billion won.

Naver’s CEO has also reportedly purchased 700 million won worth of the company’s shares, adding a personal share acquisition alongside the company’s broader capital management efforts.

Naver Financial’s planned merger with Dunamu

Naver’s fintech push is closely tied to Naver Financial’s planned merger with Dunamu, the operator of Upbit, South Korea’s dominant cryptocurrency exchange.

The proposed transaction is structured as an all-stock integration with a value of about 15.1 trillion won, or roughly $10 billion. The stock-swap ratio is approximately 1:2.54. The deal was initially expected to be completed by 2025, but regulatory complications have pushed the completion deadline to December 31, 2026.

The extended timeline comes as South Korea continues to tighten regulation of the cryptocurrency sector. A transaction involving a major technology conglomerate and one of the country’s largest crypto platforms is expected to face significant regulatory review as authorities assess its implications for digital asset services, financial infrastructure, and consumer-facing payment or trading products.

Stablecoins, AI, and Web3 infrastructure

Beyond the proposed Dunamu merger, Naver Financial has been developing stablecoin-related capabilities. The company is also exploring potential links between artificial intelligence and Web3 infrastructure, using its partnership with Dunamu as part of its expansion into digital finance innovation.

For Naver, the combination of capital management and fintech expansion places attention on two separate tracks: whether the treasury stock cancellation proceeds as planned, and how regulators handle the proposed Dunamu integration before the revised 2026 deadline.