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BTC Brief summary:
In the second quarter, Dunamu's operating profit plunged 73.3% month-on-month and revenue fell 26.1%, due to a significant weakening in Upbit trading activity. Revenue fell 49.1% in the first half, customer deposits fell 29.5%, while transaction fees accounted for 96.9% of Dunamu's total revenue for the same period. Dunamu recorded a digital asset revaluation loss of 687.8 billion won, while holding 16587 bitcoins, with a total book value of approximately 1.4804 trillion won.
Slowing Upbit trading dragged down Dunamu's first-half results
Dunamu, operator of Upbit, South Korea's largest cryptocurrency exchange, reported a 73.3% month-on-month decline in operating profit in the second quarter. Due to weakening cryptocurrency trading activity, its core exchange business was under pressure, and the company recorded operating profit of 23.5 billion won. Dunamu's quarterly revenue also fell 26.1% from the first quarter to 173.5 billion won. In addition, year-on-year data showed that the company's major financial indicators showed a deeper degree of weakness. Compared with the second quarter of 2025, operating profit fell by 84.6%, and revenue fell by 39.3%. The data highlight the impact of declining transaction participation on a company that relies heavily on transaction fees.
Dunamu's first-half results further illustrate how reduced trading activity has affected its overall revenue and profitability. During the six-month period, revenue reached 408.1 billion won, a decrease of 49.1% from the same period last year. At the same time, operating profit in the first half of the year decreased by 79.7% compared with the same period in 2025. As a result, Dunamu's operating margins narrowed significantly as revenue and profits fell. Its operating profit margin was 27.3% in the first half of the year, compared with 68.5% in the same period last year. Transaction fees accounted for 96.9% of first-half revenue, demonstrating the importance of Upbit to Dunamu's overall financial performance. In addition, customer deposits fell 29.5%, to 4.1337 trillion won as of the end of June. The decrease in deposits further indicates weakening exchange customer activity during the reporting period.
Bitcoin holdings bring additional financial pressure
Dunamu also recorded a huge revaluation loss from its cryptocurrency holdings in the first half of 2026. These digital asset revaluation losses reached 687.8 billion won, adding new challenges to its weak operating results. Despite these losses, Dunamu still held large bitcoin positions on its balance sheet as of the end of June. The company holds 16587 bitcoins with a reported book value of approximately 1.4804 trillion won. As a result, cryptocurrency positions, like exchange business, remain an important part of Dunamu's financial situation. However, changes in the valuation of digital assets could significantly affect their reported results, not just revenue from Upbit transactions.
Dunamu's profit fell for third consecutive quarter
Dunamu's second-quarter results also marked the third consecutive quarter of decline in net income. This trend continues the weakness already evident in the company's first-quarter 2026 results. In the first quarter, operating profit fell 78% from a year earlier. In the second quarter, profits shrank sharply again as core business transaction activity continued to be sluggish. Importantly, these results demonstrate the strong link between company profitability and cryptocurrency market participation. 96.9% of revenue in the first half of the year relied on transaction fees further strengthened this relationship. Dunamu disclosed these financial results through an electronic filing filed on August 14, 2026. Data shows that the decrease in trading activity has affected the performance of Upbit operators in multiple aspects such as revenue, profitability, customer deposits and profit margins.
Conclusion
Dunamu's second-quarter results reflect the significant pressure from reduced cryptocurrency trading activity on Upbit. Falling revenue and deposits weakened operating results, while losses on digital asset revaluation put additional pressure on first-half financial results.
