TLDR
- Upbit parent Dunamu’s H1 2026 revenue fell 49.1% year over year to 408.1 billion won.
- Bithumb’s revenue dropped 48.7% to 168.8 billion won, while the exchange swung to a net loss.
- Lower crypto trading activity and weaker market liquidity pressured fee income across South Korea’s major exchanges.
- Combined Q2 trading volume across five licensed Korean exchanges fell 49.5% year over year to $146.43 billion.
- Investor capital shifted toward South Korean equities as semiconductor stocks drove a strong KOSPI rally.
Upbit and Bithumb reported revenue and profit declines in the first half of 2026 as trading activity weakened. Both exchanges faced lower fee income as investors reduced digital asset trading and shifted capital toward stocks.
Upbit Revenue Falls as Trading Slows
Upbit parent Dunamu posted operating revenue of 408.1 billion won, or about $289 million, for the first six months of 2026. Revenue fell 49.1% from 801.9 billion won recorded during the same period a year earlier.
Dunamu’s operating profit dropped 79.7% to 111.5 billion won, while net profit fell 74.1% to 108.4 billion won. The company linked the weaker results to lower crypto liquidity and softer investor sentiment across digital asset markets.
Bithumb Swings to First-Half Loss
Bithumb reported operating revenue of 168.8 billion won, down 48.7% from 329.2 billion won a year earlier. Its operating profit fell 83.4% to 14.9 billion won as lower trading volumes reduced platform fee income.
The exchange also recorded a net loss of 108.7 billion won, compared with a 55 billion won profit in the previous year. Trading fees remained its main revenue source, leaving earnings exposed to lower market activity.
Crypto Market Contraction Hits Korean Exchanges
The downturn came as Bitcoin price fell more than 30% during the first half of 2026, while Ethereum dropped from about $3,000 to roughly $1,600. Delays to U.S. crypto legislation, ETF outflows and weaker liquidity also weighed on market activity.
South Korean investors also moved more money into local equities as the KOSPI rallied on strong semiconductor demand. Combined second-quarter trading volume across Upbit, Bithumb, Coinone, Korbit and Gopax fell 49.5% year over year to $146.43 billion.
Despite weaker earnings, both exchanges continued work on long-term expansion plans. Dunamu is pursuing a share swap with Naver Financial that could place Upbit under the fintech company and support a future public listing.
Hana Financial Group also acquired a 6.55% stake in Dunamu and agreed to explore stablecoins, blockchain remittances and digital asset services. Three Samsung affiliates later bought a combined 4% stake, further changing Dunamu’s domestic ownership base.
Bithumb is preparing for a 2028 IPO after earlier delays. The exchange also plans to improve internal controls, pursue a listing review in 2027 and expand overseas through partnerships, including its recent agreement with SSI Digital in Vietnam.
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