Dunamu's Profitability Surge in Q3

Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, experienced a significant increase in profitability during the third quarter. This surge was primarily driven by a global recovery in digital asset trading. Regulatory filings, as reported by Chosun Biz, indicate that the company achieved a net income of 239 billion won (approximately 165 million dollars). This figure represents a substantial rise of over 300 percent compared to the same period in the previous year, when net income was reported at 40 million dollars.

The financial report revealed robust growth across all key financial metrics. Consolidated revenue climbed to 266 million dollars, marking a 35 percent increase from the prior quarter. Operating profit also saw a significant boost, rising 54 percent to 162 million dollars. On a quarter-over-quarter basis, net income jumped by 145 percent, reaching 67 million dollars in the previous quarter.

Dunamu attributed this impressive performance to a widespread revival in trading activity throughout 2024 and 2025. The company noted that digital asset markets have been recovering from periods of low liquidity and macro-driven economic uncertainty. Upbit, which holds a dominant position in South Korea, benefited particularly from increased retail participation, favorable volatility cycles, and a rise in institutional order flow.

Impact of U.S. Crypto Legislation on Market Sentiment

An unexpected contributor to Dunamu's strong quarterly performance was a series of regulatory developments in the United States. Dunamu stated that the enactment of three U.S. bills focused on cryptocurrencies—the Genius Act, the Clarity Act, and the Anti-CBDC Bill—positively influenced global investor sentiment and bolstered confidence in digital asset markets.

This renewed regulatory clarity reportedly encouraged greater institutional involvement and contributed to the stabilization of market structures throughout the third quarter. Although the legislation was U.S.-specific, its effects rippled into Asia, as global investment funds adjusted their risk appetites and re-entered both spot and derivatives markets.

Dunamu's positive momentum also coincides with South Korea's position as a country with one of the most stringent cryptocurrency regulatory environments globally. Dunamu has been under heightened scrutiny since 2022, particularly after exceeding 500 shareholders and being designated for external audits. Despite this strict oversight, Upbit continues to lead the South Korean market in both trading volume and user base, according to CoinMarketCap. This sustained dominance has played a crucial role in amplifying Dunamu's profitability during the market's recovery phase.

Broader Revenue Recovery in the Crypto Industry

Dunamu's financial upswing is not an isolated incident within the cryptocurrency sector. Several other prominent companies, including those in mining and infrastructure, have also reported substantial year-over-year revenue growth during the same quarter. Bitcoin miners such as TeraWulf and Singapore-based cloud mining operator BitFuFu both doubled their third-quarter revenues compared to the previous year.

These companies benefited from factors including higher Bitcoin prices, increased adoption by institutional buyers, and a growing demand for hash power. This trend suggests that the broader cryptocurrency industry may be entering a recovery cycle characterized by rising Bitcoin valuations, increased trading activity, and the return of previously sidelined market participants.

For cryptocurrency exchanges, this typically translates into higher revenues from spot and derivatives trading, improved yields from staking services, and increased fee volumes generated from altcoin markets.

Naver's Planned Acquisition and its Implications for Dunamu

Beyond its financial achievements, Dunamu is also on the verge of a significant structural transformation. As previously reported, Naver Financial, the fintech division of South Korea's largest internet platform, is preparing to acquire Dunamu through a share-swap transaction. Board approvals are anticipated shortly, and this deal would integrate Dunamu into one of Asia's most influential consumer-technology ecosystems.

Should the acquisition be finalized, Upbit would gain access to Naver's extensive distribution network, which includes its payment services, vast user base, and mobile infrastructure. This integration could accelerate customer growth, expand Upbit's reach into mainstream financial services, and strengthen Dunamu's competitive standing against local fintech rivals. For Naver, this acquisition represents a strategic move into the cryptocurrency trading and digital asset infrastructure sector, diversifying its financial operations and aligning with long-term trends in digital finance.

A Dunamu under Naver's ownership has the potential to reshape South Korea's digital asset landscape, foster greater consolidation among exchanges, and influence regulatory approaches toward large-scale cryptocurrency platforms.