South Korean crypto exchange Upbit is eyeing an initial public offering (IPO) on Nasdaq, according to a Bloomberg report on Monday.

The Seoul-based platform is in the process of merging with South Korean internet giant Naver, with reports saying the merger will be completed this week.

Upbit will target a Nasdaq IPO once the merger is complete, according a post on X Monday which cited Bloomberg.

The deal between Upbit and Naver was first reported in September, with suggestions that the former's parent Dunamu would be brought under the umbrella of Naver's financial arm via a stock swap deal.

The merger plans now points toward Dunamu and Naver Financial forming a single entity bridging crypto and traditional finance (TradFi).

This calendar year has seen high-profile crypto companies Circle Internet Group ( CRCL ) Bullish (BLSH) and Gemini (GEMI) list on public markets in the U.S, with Kraken expected to follow suit in 2026.

Naver and Dunamu did not immediately respond to CoinDesk's request for comment.