What to know:
- Dunamu’s Q2 revenue fell 39.3%, while operating profit plunged about 85% year-on-year.
- Upbit’s platform revenue dropped 49.8% to 395.5 billion won in the first half of 2026.
- Dunamu cited reduced investor activity and tight liquidity across global crypto markets.
Dunamu reported a sharp second-quarter decline as weaker cryptocurrency trading reduced fee income at Upbit. Revenue fell 39.3% year-on-year to 173.5 billion won. Operating profit dropped about 85% to 23.5 billion won during the quarter.
Net profit decreased 43.9% from a year earlier to roughly 39 billion won. Dunamu disclosed the figures in a regulatory filing submitted on August 14. The submission appeared on the Financial Supervisory Service’s electronic disclosure system, according to a local report.
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Dunamu H1 Revenue Drops 49.1%
The weakness continued across the first half of 2026. Six-month revenue fell 49.1% year-on-year to about 408.1 billion won. Operating profit declined 79.7% to 111.5 billion won, while net profit dropped 74.1% to 108.4 billion won.
Dunamu continued to earn most of its revenue from transaction fees on Upbit. Revenue from the trading platform decreased 49.8% to about 395.5 billion won during the first half. Other operations, including RMS and Luniverse, recorded a 12.9% drop to around 12.6 billion won.
The company linked the weaker results to reduced investor activity across global virtual asset markets. It also cited tighter liquidity conditions in those markets. Dunamu said lower trading-related income was the main factor behind its first-half decline.
The company also addressed its regulatory obligations in South Korea. It said it continues to follow the Virtual Asset User Protection Act. Internal systems and investor protection measures are being updated to meet the law’s requirements.
Why Kraken and eToro Faced Lower Crypto Activity
The results emerged as other crypto trading platforms reported pressure on their businesses. Kraken parent Payward recorded a 71% year-on-year fall in second-quarter profit to $23 million. However, its adjusted revenue increased 17% to $508 million during the same quarter.
Kraken’s transaction volume declined 18% to $310 billion during the quarter. The lower volume contributed to a sharp year-on-year drop in adjusted earnings before interest, taxes, depreciation, and amortization. Dunamu and Payward, therefore, both reported weaker profitability alongside lower trading activity.
The Nasdaq-listed trading platform, eToro, recorded a similar drop in crypto transactions. In July, its crypto trades dropped by 73% annually to 1.4 million. The average investment in each crypto trade also dropped 50% to $182.
What Drove eToro’s $53M Q2 Net Income
This was limited to the crypto transactions of the company. Its capital market transaction recorded little change from last year at 48.5 million in July. Its crypto asset revenue declined to $1.35 billion from $1.91 billion in the corresponding period last year.
Despite the drop in crypto transactions, eToro reported net income of $53 million in the second quarter. This was an increase of 77% compared to the same period last year. These numbers indicated that the profits made increased despite a decrease in crypto asset transactions.
For Dunamu, it shows that its trading business was under the most severe pressure. Upbit was still its main source of revenue amid the significant drop in platform income. The filing detailed its consolidated financial results in the first half of 2026.
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