Dunamu Reports 73% Drop in Q2 Operating Profit for Upbit Amid Market Decline

Dunamu, the company behind South Korea’s leading cryptocurrency exchange Upbit, has revealed troubling financial results for the second quarter of 2026. The firm reported an operating profit of 23.5 billion won, marking a staggering 73.3% decline from the previous quarter and an 84.6% drop year-over-year. Revenue also suffered, falling 26.1% from Q1 to 173.5 billion won.

The first half of 2026 paints an even grimmer picture, with total revenue at 408.1 billion won, down 49.1% compared to the same period last year. Operating profit for the first half plummeted by 79.7%, leading to a significant contraction in Dunamu's operating profit margin, which fell to 27.3% from 68.5% a year prior. Trading fees accounted for an overwhelming 96.9% of the firm’s first-half revenue.

Customer deposits also saw a decline, dropping 29.5% to 4.1337 trillion won by the end of June. Additionally, Dunamu reported revaluation losses of 687.8 billion won on its digital asset holdings, which included 16,587 Bitcoin valued at 1.4804 trillion won as of June 30.

This latest report marks the third consecutive quarter of declining net profits for Dunamu, following a 78% year-over-year drop in operating profit in Q1 2026. The company attributed these declines to reduced trading activity and liquidity in the global digital asset markets.