Crypto Exchange News: Upbit and Bithumb Revenue Falls Nearly 50%

Upbit and Bithumb Post Sharp H1 2026 Revenue Declines

South Korea's two largest crypto exchanges posted steep revenue declines for the first half of 2026. This crypto exchange news comes from regulatory filings submitted on August 14, 2026 (disclosed now), to the Financial Supervisory Service (FSS) through its DART disclosure system.

Dunamu, the operator of Upbit, and rival exchange Bithumb both reported revenue-drops of close to 50% from a year earlier. The results point to a sharp slowdown in trading activity across Korean crypto markets during the period.

Dunamu Reports 49.1 Percent Revenue Drop at Upbit

Dunamu disclosed consolidated H1 2026-revenue of 408.1 billion-won, down 49.1-percent from 801.9 billion-won in H1 2025. Operating profit fell 79.7% to 111.5 B-won, and net profit dropped 74.1-percent to 108.4B.

For the second quarter alone, Dunamu posted revenue of 173.5 billion-won, a 39.2 percent year-on-year decline. Quarterly operating profit fell to 23.5 billion-won.

Source: Official Report

Bithumb Revenue Slides 48.7 Percent as Losses Widen

Bithumb reported H1 2026 revenue of 168.8 billion-won, down 48.7 percent from roughly 329.2 billio-won a year earlier. Operating profit shrank 83.4 percent to 14.9 B-won.

The company swung to a net loss of 108.7 billion-won for the half, compared with a 55 billion-won net profit in H1 2025. Second-quarter-revenue alone fell 35.8 percent to 86.3 billion-won, with a net loss of 21.8 B-won.

Source: Official Bithumb Report

Behind the Decline in Trading Revenue

Both exchanges earn most of their revenue from trading fees, so their results track closely with market activity. Bithumb pointed to two factors: sustained high US interest rates and a shift of investor funds toward the stock market.

Combined spot trading volume across South Korea's five licensed won exchanges also fell sharply during the period, reflecting weaker retail participation across the domestic market as a whole.

Key Takeaways

Source: Official Reports

What Comes Next for the Two Exchanges

Bithumb has said it is continuing preparations for an initial public offering targeted for 2028. The plan includes a shift to Korean IFRS accounting standards during 2026 and a preliminary listing review with the Korea Exchange in 2027.

Dunamu has not announced comparable listing plans in this filing. Both companies are expected to report Q3 results around mid-November, based on their past filing schedule.

Glossary

YoY (year-on-year): A comparison between a period and the same period one year earlier.
Operating profit: Earnings from core business activity, before non-operating items like asset valuation gains or losses.
DART: South Korea's Data Analysis, Retrieval, and Transfer System, the FSS's official electronic disclosure platform.

Expert Opinion

The declines at both exchanges reflect a broader pattern in Korean crypto markets this year rather than issues specific to either company. Trading fee-revenue is highly sensitive to volume, so a market-wide slowdown affects both exchanges in similar proportion. 

Bithumb's swing to a net loss, driven partly by digital asset valuation and disposal losses, marks a sharper deterioration than Dunamu's results, which stayed profitable throughout the half.

Conclusion

Upbit and Bithumb's H1 2026 results show a Korean crypto market working through a genuine volume slowdown, with fee-revenue at both firms down by nearly half. Bithumb's shift into a net loss stands out against Dunamu's continued, if reduced, profitability.

YMYL Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Figures are based on regulatory filings as of August 14, 2026, and may be revised. Readers should conduct their own research before making financial decisions.