Financial Performance and Market Rebound

Dunamu, the operator behind South Korea’s largest cryptocurrency exchange, Upbit, has announced a remarkable surge in profitability for the third quarter of the year. The company posted a net income of 239 billion won ($165 million), marking a more than 300% increase compared to the same period last year, which saw net income of just $40 million. This substantial rise in earnings reflects the positive momentum across key financial metrics, highlighting the company’s strong position in the thriving digital asset market.

The company’s consolidated revenue reached $266 million, a 35% increase from the previous quarter, while operating profit saw a 54% boost, rising to $162 million. Net income also experienced significant growth, rising 145% quarter-over-quarter from $67 million. Dunamu’s improved performance is largely attributed to a rebound in global digital asset markets, as trading activity surged throughout 2024 and 2025. Investor confidence also received a significant boost following favorable regulatory developments in the United States, such as the passage of key crypto-related bills, which helped to stabilize market conditions and drive institutional investment.

Crypto Market Rebound and Regulatory Impact

Dunamu credits recent regulatory moves in the United States for a boost in investor confidence. The passage of bills like the Genius Act, Clarity Act, and the Anti-CBDC Bill has encouraged renewed institutional participation in the crypto space. These developments have helped foster a steadier market environment, contributing to the surge in trading volumes and, subsequently, Dunamu’s impressive financial results. With these positive conditions, the company appears to be well-positioned for continued success in the coming quarters.

Moreover, the broader cryptocurrency sector has seen similar growth trends, with several major firms, including Bitcoin mining companies like TeraWulf and BitFuFu, reporting impressive revenue increases for the quarter. Dunamu’s growth comes amid a favorable landscape for crypto, as market dynamics shift with increasing institutional involvement and a more stable regulatory environment.

Naver Financial's Move to Acquire Dunamu

In addition to its strong financial performance, Dunamu is also preparing for a significant change in ownership. Naver Financial, the fintech arm of South Korea’s largest internet company, Naver, is set to acquire Dunamu. The acquisition is expected to take place through a share swap, with board approvals imminent. Once finalized, Dunamu will become a subsidiary of Naver, potentially opening up new growth opportunities and strengthening its position in the competitive crypto market.

Despite these changes, Upbit remains South Korea’s largest crypto exchange in terms of trading volume and customer base, continuing to dominate the local market as it adapts to an evolving regulatory and financial landscape.