Upbit and Bithumb Report Sharp Revenue and Profit Drops in H1 2026
TL;DR
- Market downturn: Upbit and Bithumb saw steep declines in revenue and profit as crypto trading activity weakened and major assets like Bitcoin and Ethereum fell sharply.
- Investor shift: Liquidity contraction and delays to key sector developments pushed South Korean investors toward equities, with the KOSPI doubling and draining capital from digital assets.
- Strategic moves: Dunamu advanced a share-swap with Naver Financial and attracted major institutional investors. At the same time, Bithumb pursued its 2028 IPO plan and expanded abroad through new partnerships.
South Koreaโs crypto sector faced a pronounced slowdown in the first half of 2026, with Upbit and Bithumb posting steep declines in revenue and profitability as trading activity weakened across the market. The downturn reflected shrinking liquidity, falling digital asset prices and a broad investor shift toward domestic equities.
Market slump hits exchange revenues
Dunamu, the operator behind Upbit and Bithumbโs largest competitor, reported a sharp contraction in its financial results. Consolidated operating revenue dropped 49.1% year-over-year to 408.1 billion won ($289 million), while operating profit fell 79.7% to 111.5 billion won ($79 million). Net profit also declined 74.1% to 108.4 billion won ($77 million).
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