In Brief:
- Dunamu’s Q2 operating profit plunged 73.3% quarter over quarter, while revenue dropped 26.1% as Upbit trading activity weakened significantly.
- First-half revenue declined 49.1%, customer deposits fell 29.5%, while trading fees represented 96.9% of Dunamu’s total revenue during the period.
- Dunamu recorded 687.8 billion won in digital asset revaluation losses while holding 16,587 Bitcoin valued at 1.4804 trillion won overall.
Dunamu, operator of South Korea’s largest crypto exchange Upbit, reported a 73.3% quarter-over-quarter decline in Q2 operating profit. The company recorded 23.5 billion won in operating profit as weaker cryptocurrency trading activity pressured its core exchange business.
According to Crypto Briefing, Dunamu’s quarterly revenue also dropped 26.1% from Q1, reaching 173.5 billion won. Moreover, the year-over-year comparison showed deeper weakness across the company’s major financial measures.
Operating profit declined 84.6% compared with Q2 2025, while revenue decreased 39.3% over the same period. These figures underline the impact of reduced trading participation on a business heavily dependent on transaction fees.
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Upbit Trading Slowdown Hits Dunamu’s First-Half Earnings
Dunamu’s first-half performance further showed how lower trading activity affected revenue and profitability across its operations. Revenue reached 408.1 billion won during the six months, representing a 49.1% decline from one year earlier.
Meanwhile, first-half operating profit fell 79.7% compared with the corresponding period in 2025. Consequently, Dunamu’s operating profit margin narrowed considerably as revenue and earnings moved lower.
Its operating margin stood at 27.3% for the first half, compared with 68.5% during the previous year. Trading fees accounted for 96.9% of first-half revenue, showing Upbit’s importance to Dunamu’s overall financial performance.
Additionally, customer deposits fell 29.5% and stood at 4.1337 trillion won by the end of June. Lower deposits provide another indication of weaker customer activity across the exchange during the reporting period.
Bitcoin Holdings Bring Additional Financial Pressure
Dunamu also recorded substantial revaluation losses from its cryptocurrency holdings during the first six months of 2026. Those digital asset revaluation losses reached 687.8 billion won, adding another challenge to its weaker operating performance.
Despite those losses, Dunamu maintained a sizeable Bitcoin position on its balance sheet at the end of June. The company held 16,587 Bitcoin with a reported book value of approximately 1.4804 trillion won.
The cryptocurrency holdings therefore remain an important component of Dunamu’s financial position alongside its exchange operations. However, changes in digital asset valuations can significantly influence reported results outside revenue generated from Upbit trading.
Dunamu Records Third Consecutive Quarterly Profit Decline
Dunamu’s Q2 performance also marked its third consecutive quarter of declining net profit. The trend extends weakness already visible in the company’s results during the opening quarter of 2026.
In Q1, operating profit had fallen 78% compared with the same period one year earlier. Q2 subsequently brought another substantial contraction as trading activity remained weaker across Dunamu’s core business.
Significantly, the results demonstrate how closely the company’s profitability remains connected to cryptocurrency market participation. Its 96.9% dependence on trading fees during the first half reinforces that relationship.
Dunamu disclosed the financial results through an electronic filing dated August 14, 2026. The figures show lower trading activity affected revenue, profitability, customer deposits, and margins across the Upbit operator’s business.
Conclusion
Dunamu’s Q2 results reflect considerable pressure from reduced cryptocurrency trading activity across Upbit. Falling revenue and deposits weakened operating performance, while digital asset revaluation losses placed additional pressure on first-half financial results.
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