Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange by trading volume and customer base, reported a substantial net income of $165 million for the third quarter. This figure represents a remarkable 300% increase compared to the $40 million posted during the same period last year.
The company's consolidated revenue climbed to $266 million, marking a 35% increase from the previous quarter. Operating profit also saw a significant rise, increasing by 54% to reach $162 million. Net income experienced a quarter-over-quarter jump of 145%, escalating from $67 million, according to regulatory filings submitted to the Financial Supervisory Service.
Factors Driving Performance
Dunamu attributes its improved financial performance to a resurgence in trading activity, coinciding with a broader rebound in global digital asset markets throughout 2024 and 2025. The company indicated that investor confidence was bolstered by recent regulatory developments in the United States.
According to Dunamu, the enactment of the Genius Act, the Clarity Act, and the Anti-CBDC Bill played a crucial role in fostering renewed institutional participation and contributing to steadier market conditions. These legislative measures were instrumental in stabilizing trading volumes on the Upbit platform.
Industry Trends and Acquisitions
Dunamu has been subject to heightened reporting requirements since 2022, a consequence of being added to the list of corporations requiring external audits due to having more than 500 shareholders. The positive financial results observed by Dunamu are mirrored across several other major cryptocurrency firms, which also experienced similar revenue increases in the last quarter.
For instance, Bitcoin mining company TeraWulf and Singapore-based cloud Bitcoin miner BitFuFu both reported doubling their third-quarter revenue when compared to the previous year. These increases collectively underscore a broader market recovery and a growing institutional interest in digital assets.
In a significant development for the South Korean fintech landscape, Naver Financial, the financial technology arm of South Korea's largest internet company, is in the process of acquiring Dunamu through a share swap deal. Board approvals for this transaction are anticipated imminently, with Dunamu expected to officially become a subsidiary of Naver Financial.
This acquisition is poised to grant Naver Financial control over the country's leading cryptocurrency exchange platform, thereby significantly expanding its footprint and capabilities within the digital asset sector.