Upbit operator Dunamu sees 10% revenue drop to $1 billion in 2025 as crypto trading cools

Dunamu, the operator of one of South Korea’s largest cryptocurrency exchanges, Upbit, reported a 10% decline in annual revenue for 2025 as trading activity on its platform cooled following a peak in the prior year.

The company posted consolidated operating revenue of 1.56 trillion Korean won ($1.03 billion), down from 1.73 trillion won ($1.1 billion) in 2024, while operating profit fell 26.7% to 869.3 billion won ($573 million). Net profit dropped 27.9% to 708.9 billion won ($468 million), according to its latest financial report released on Monday.

Dunamu attributed the declines to lower cryptocurrency trading volumes compared to the previous year. It said that trading platform commissions accounted for 1.53 trillion won ($1.01 billion), or 98.3% of total revenue, down from 1.71 trillion won ($1.13 billion) in 2024.

Revenue from other services, including its securities app and blockchain infrastructure offerings, made up 27.1 billion won ($17.9 million), or 1.7% of total revenue.

The company’s total assets stood at 13.17 trillion won ($8.7 billion) at the end of 2025. That figure represents a decrease of 2.15 trillion won ($1.4 billion) from a year earlier. Notably, current assets fell by 2.18 trillion won ($1.4 billion), which Dunamu said was primarily driven by a decline in customer deposits alongside lower revenue and trading volume at Upbit.

Dunamu, established in 2012, is South Korea’s first virtual asset service provider. The company launched Upbit in October 2017 and has since expanded into other digital asset services, including Upbit NFT, Upbit Staking, a coin accumulation service, and a coin borrowing service.

Outside of crypto, the company operates Securities Plus, an investment information platform launched in February 2014 that integrates stock trading through partnerships with domestic securities firms. Its other business lines include the blockchain platforms Luniverse and Nodit, according to the report.

In November 2025, Naver Financial, the fintech arm of South Korean internet giant Naver, confirmed a share-swap merger with Dunamu that will make Dunamu a wholly owned subsidiary. On Monday, Naver postponed the transaction by approximately three months, citing changes in licensing approvals and the regulatory framework, according to The Korea Herald.

Meanwhile, Dunamu plans to pursue a Nasdaq initial public offering, according to local news reports from November. Naver and Dunamu also said they would invest 10 trillion won ($6.8 billion) in financial infrastructure built on artificial intelligence and blockchain, multiple local outlets reported last year.