Home›Crypto›Market Structure›Upbit and Bithumb revenue plunges reflect contraction…

Upbit and Bithumb revenue plunges reflect contraction in South Korea’s crypto

Upbit parent Dunamu said its operating revenue fell 49.1% year over year to 408.1 billion won in H1 2026, while operating profit dropped 79.7%.

Reported · Written up by our desk · Market Structure

South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, reported steep declines in first-half 2026 revenue and profits, pointing to a slowdown in local crypto trading activity, according to The Block.

The Block reported that Upbit parent Dunamu’s consolidated operating revenue fell 49.1% year over year to 408.1 billion won, or about $289 million. Dunamu’s operating profit declined 79.7% to 111.5 billion won, or about $79 million, and its net profit decreased 74.1% to 108.4 billion won, or about $77 million, compared with the prior year period.

Bithumb also saw a sharp downturn, with H1 operating revenue down 48.7% to 168.8 billion won, about $120 million, from 329.2 billion won. The Block said Bithumb’s operating profit fell 83.4% to 14.9 billion won, or about $11 million, from 90.1 billion won, and it swung to a net loss of 108.7 billion won, about $77 million, from a net profit a year earlier.

According to The Block, Bithumb’s revenue came virtually entirely from platform trading fees, and the broader decline was tied to weak performance in major digital assets and reduced market liquidity, with Bitcoin down more than 30% in the first half and Ethereum ending the period around $1,600 after starting near $3,000.

Latest closeBitcoin $64,165.21 ▲2.1%|Ethereum $1,893.85 ▲1.1%

More like this

Sources