Upbit and Bithumb both cut revenue by about 50% in the first half of the year, and the Korean crypto exchange market continued to shrink

According to The Block, South Korea's two major crypto exchanges, Upbit and Bithumb, released financial reports for the first half of 2026. Affected by the downturn in the crypto market, both exchanges experienced a sharp decline in revenue and profits.

Upbit's parent company Dunamu had revenue of 408.1 billion won (approximately US$289 million) in the first half of the year, down 49.1% year on year; operating profit of 111.5 billion won, down 79.7% year on year; and net profit of 108.4 billion won, down 74.1% year on year. Bithumb's revenue for the first half of the year was 168.8 billion won, down 48.7% year on year; operating profit was 14.9 billion won, down 83.4% year on year, and net loss was 108.7 billion won. Net profit for the same period last year was 55 billion won.

Bitcoin fell from around $90,000 to $60,000 and Ethereum from $3,000 to around $1600 during the reporting period. The strong rise in the semiconductor sector of South Korea's domestic stock market has attracted large outflows of capital from the crypto market. The total trading volume of the five major licensed exchanges fell 49.5% year over year to US$146.43 billion in the second quarter.

Despite the pressure on performance, the two exchanges are still promoting capital operations: Dunamu is undergoing an equity exchange with Naver Financial and plans to be listed on the NASDAQ within five years after completion; Bithumb plans to submit a pre-listing review in 2027 after completing the internal control system in 2026, with the goal of completing the IPO in 2028.