Dunamu reports 73% drop in Q2 operating profit for Upbit

Dunamu, the company behind South Korea’s dominant crypto exchange Upbit, posted Q2 2026 results that make for uncomfortable reading. Operating profit fell 73.3% quarter over quarter to 23.5 billion won, while revenue slid 26.1% from Q1 to 173.5 billion won.

The year-over-year comparisons are even more sobering. Against Q2 2025, operating profit collapsed 84.6% and revenue dropped 39.3%.

A first half to forget

Zoom out to the full six-month picture and the damage compounds. Total first-half 2026 revenue came in at 408.1 billion won, down 49.1% from the same period last year. Operating profit for the half cratered 79.7% year over year.

Dunamu’s operating profit margin compressed to 27.3% for the first half of 2026, down from 68.5% a year earlier.

Trading fees accounted for 96.9% of first-half revenue.

Customer deposits fell 29.5% to 4.1337 trillion won by the end of June.

Bitcoin on the books, losses on the ledger

Dunamu reported revaluation losses of 687.8 billion won on its digital asset holdings during the first half of 2026.

The firm held 16,587 Bitcoin with a book value of 1.4804 trillion won as of the end of June.

The Q2 results also mark the third consecutive quarter of declining net profits for Dunamu. Q1 2026 was already rough, with operating profit down 78% year over year.

The filing was made through electronic disclosure on August 14, 2026.

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