Upbit operator Dunamu reported a surge in profitability for the third quarter of the year, posting 239 billion won ($165 million) in net income.
This figure marks an increase of more than 300% compared to the same period last year, which stood at $40 million. Regulatory filings with the Financial Supervisory Service showed strong momentum across all key metrics.
Consolidated revenue climbed to $266 million, up 35% from the previous quarter, while operating profit rose 54% to $162 million. Net income also jumped 145% quarter-over-quarter from $67 million.
The company attributed its improved performance to rising trading activity as global digital asset markets rebounded through 2024 and 2025.
Dunamu Credits US Crypto Bills for Boost
Dunamu stated that investor confidence received a boost following regulatory developments in the United States. These included the passage of the Genius Act, the Clarity Act, and the Anti-CBDC Bill. The company believes these measures contributed to renewed institutional participation and steadier market conditions.
Dunamu has faced heightened reporting requirements since 2022, when it was added to the list of corporations subject to external audit due to having more than 500 shareholders.
Several major crypto firms also experienced a revenue increase last quarter. Bitcoin mining company TeraWulf and Singapore-based cloud Bitcoin miner BitFuFu doubled their third-quarter revenue from the previous year.
Naver Financial to Acquire Dunamu
Naver Financial, the fintech arm of South Korea’s largest internet company, is preparing to acquire Dunamu. Naver reportedly plans to bring Dunamu in as a subsidiary through a share swap, with board approvals expected soon.
Upbit Korea is the largest crypto exchange in South Korea in terms of trading volume and customer base.