South Korea’s two largest crypto exchanges, Upbit and Bithumb, reported steep declines in revenue and profit in the first half of 2026 as weaker digital asset prices and shrinking liquidity hit domestic trading activity.
Upbit parent Dunamu said revenue fell 49.1% year over year to 408.1 billion won ($289 million), while operating profit plunged 79.7% to 111.5 billion won ($79 million). Net profit dropped 74.1% to 108.4 billion won ($77 million).
Bithumb’s revenue declined 48.7% to 168.8 billion won ($120 million), with operating profit falling 83.4% to 14.9 billion won ($11 million). The exchange swung to a net loss of 108.7 billion won ($77 million), compared with a $39 million profit a year earlier.
The downturn came as Bitcoin fell more than 30% during the first half of 2026 and Ether dropped from around $3,000 to roughly $1,600. Combined second-quarter trading volume across South Korea’s five fully licensed exchanges reportedly fell 49.5% year over year to $146.4 billion.
Capital also shifted toward South Korean equities as the KOSPI surged, supported by semiconductor stocks including Samsung Electronics and SK Hynix.
Despite weaker results, both exchanges are pursuing major corporate restructuring. Dunamu is working on a share swap with Naver Financial that could eventually lead to a Nasdaq listing, while Hana Financial and Samsung affiliates have acquired stakes in the company. Bithumb is targeting an IPO in 2028 and is also expanding internationally, including through a partnership aimed at entering Vietnam.
Upbit parent Dunamu said revenue fell 49.1% year over year to 408.1 billion won ($289 million), while operating profit plunged 79.7% to 111.5 billion won ($79 million). Net profit dropped 74.1% to 108.4 billion won ($77 million).
Bithumb’s revenue declined 48.7% to 168.8 billion won ($120 million), with operating profit falling 83.4% to 14.9 billion won ($11 million). The exchange swung to a net loss of 108.7 billion won ($77 million), compared with a $39 million profit a year earlier.
The downturn came as Bitcoin fell more than 30% during the first half of 2026 and Ether dropped from around $3,000 to roughly $1,600. Combined second-quarter trading volume across South Korea’s five fully licensed exchanges reportedly fell 49.5% year over year to $146.4 billion.
Capital also shifted toward South Korean equities as the KOSPI surged, supported by semiconductor stocks including Samsung Electronics and SK Hynix.
Despite weaker results, both exchanges are pursuing major corporate restructuring. Dunamu is working on a share swap with Naver Financial that could eventually lead to a Nasdaq listing, while Hana Financial and Samsung affiliates have acquired stakes in the company. Bithumb is targeting an IPO in 2028 and is also expanding internationally, including through a partnership aimed at entering Vietnam.