Dunamu and Bithumb Report 49% Revenue Drop in First Half of the Year Amid Renewed Fee Competition

The revenue of Dunamu and Bithumb, two major cryptocurrency exchanges in South Korea, decreased by 49.1% and 48.7% respectively in the first half of this year compared to the same period last year. Dunamu's operating revenue was 408.1 billion KRW, with an operating profit of 111.5 billion KRW, marking a 79.7% decline, while its net profit fell by 74.1% to 108.4 billion KRW. Bithumb reported an operating revenue of 168.8 billion KRW and an operating profit of 14.9 billion KRW, down 83.4%, with a net loss of 108.7 billion KRW. The decline in trading volume has led to reduced fee income, negatively impacting the performance of both companies. According to CoinGecko, the total trading volume of the top five exchanges in South Korea is expected to decrease by 49.5% year-on-year to 146.43 billion USD in the second quarter of 2026. DigitalX has announced that it will offer zero trading fees for all items in the won market from August 24, 2026, to August 24, 2027, reigniting the fee competition. DigitalX is the former Korbit, which changed its name after being acquired by Mirae Asset Group. Upbit and Bithumb hold market shares of 69% and 28%, respectively. Industry experts predict that the competition for profitability among exchanges will intensify further.

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