Upbit and Bithumb Revenues Plunged 50% in the First Half of 2026: Bithumb Returns to Loss
South Korea’s two largest crypto exchanges, Upbit and Bithumb, saw their revenues drop by approximately 50% in the first half of 2026, while Bithumb turned a net loss.
The financial results of Upbit’s parent company Dunamu and Bithumb revealed a significant weakening of trading activity and liquidity in the South Korean crypto market.
According to filings submitted to the Financial Supervisory Service (FSS), Dunamu’s consolidated revenue fell 49.1% annually to 408.1 billion won ($289 million). The company’s operating profit decreased by 79.7% to 111.5 billion won ($79 million), while its net profit fell 74.1% to 108.4 billion won ($77 million). Bithumb’s revenue dropped 48.7% to 168.8 billion won ($120 million), with operating profit sliding 83.4% to 14.9 billion won ($11 million). Following last year’s net profit of 55 billion won, the exchange announced a net loss of 108.7 billion won.
Profits of South Korean Crypto Exchanges Evaporate
The total trading volume for the second quarter across the five licensed exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—also fell 49.5% annually to $146.43 billion. Dunamu attributed the weak results to shrinking liquidity in the global digital asset market and deteriorating investor sentiment.
The market contraction dragged the price of Bitcoin from approximately $90,000 at the beginning of the year to $60,000, and Ethereum from $3,000 to $1,600. Delays in the Clarity Act, Strategy’s Bitcoin sales, and outflows from crypto ETFs in the US also increased the pressure. As capital shifted to local stocks, the KOSPI more than doubled in the first half; Samsung Electronics and SK Hynix stood out in the rally.
Dunamu and Bithumb Prepare for IPOs
Dunamu is conducting a comprehensive stock swap with Naver Financial. Upon completion of the transaction, the company is expected to become a wholly-owned subsidiary of Naver Financial and target an IPO within five years, likely on the Nasdaq. Hana Financial Group acquired a 6.55% stake in Dunamu for approximately 1 trillion won, while three Samsung subsidiaries invested 613 billion won for a total 4% stake.
Bithumb, meanwhile, plans to strengthen its internal controls in 2026 and apply for a preliminary listing review in 2027, in line with its 2028 IPO target.