Q2 revenue fell 36% to 86.3 billion won as trading volumes dropped across South Korea. The exchange posted an operating profit of 12.1 billion won but swung to a net loss on asset valuation changes. Its IPO roadmap targets a 2028 listing.
Bithumb swung to a 21.8 billion won ($15.7 million) net loss in the second quarter of 2026 as revenue dropped 35.8% from a year earlier, Yonhap News Agency reported.
The exchange recorded a 22 billion won net profit in the same quarter of 2025. The latest loss was smaller than the 86.9 billion won deficit in the first three months of 2026. Bithumb remained profitable at the operating level even as asset-related losses pulled the final result into negative territory.
Quarterly revenue reached 86.3 billion won, compared with roughly 134.4 billion won a year earlier. Operating profit fell 44% to 12.1 billion won from about 21.6 billion won.
Transaction commissions accounted for almost all operating revenue. Fee income came in at roughly 86.28 billion won, while revenue from lending and market information services totaled only about 3.8 million won.
That heavy dependence on transaction fees ties earnings directly to customer activity. When trading volume falls, fewer completed trades reduce the commissions the platform collects.
Bithumb attributed part of its net loss to changes in the value of its virtual asset holdings. Such valuation adjustments can cause net income to diverge from operating profit because the company must account for gains or losses on crypto assets held on its balance sheet.
Across the first six months of 2026, Bithumb posted a net loss of 108.7 billion won, reversing a 55 billion won profit from the same period last year. First-half revenue fell 48.7% to 168.8 billion won. Operating profit declined 83.4% to 14.9 billion won.
Subtracting the second-quarter figures from the six-month totals indicates Bithumb generated about 82.5 billion won in first-quarter revenue and only 2.8 billion won in operating profit, alongside the 86.9 billion won net loss.
Lower trading across South Korea provides direct context. A crypto.news report found that Upbit, Bithumb, Coinone, Korbit, and Gopax processed a combined $366.58 billion during the first half, down 54.6% from the same period in 2025.
During July 1–27, Bithumb handled approximately 4.71 trillion won in trades, according to NexBlock data cited in the report. Its share of trading among the five exchanges fell from 30.7% to 27.1%, while Upbit's share rose from 62.3% to 67.4%.
The narrow revenue mix gives Bithumb limited protection against a decline in spot-market activity. Fee income remains its main source of sales, so lower volume passes quickly into quarterly revenue and operating earnings.
Bithumb's results arrive as the company prepares for a public listing targeted for 2028. Its three-stage IPO roadmap calls for internal control improvements and preparation for Korean International Financial Reporting Standards during 2026.
Under the schedule disclosed in August, Bithumb expects to submit a preliminary listing application and complete required audits in 2027. The company signed an advisory agreement with Samjong KPMG that runs through the end of 2027, although it said the timetable could change with market conditions and regulatory review.
Financial performance will form part of the information reviewed by prospective investors and listing authorities. Bithumb said it plans to disclose its financial position, management matters, and crypto holdings more regularly as it prepares for the offering.
The company is also separating parts of its operations. Bithumb Asset has been spun off to define responsibilities between business units. Domestic and international securities firms, lawyers, and accounting firms are helping assess valuation and legal risks.
Earlier reports linked the exchange with a possible Nasdaq offering, though its latest 2028 roadmap does not identify a final venue. Until Bithumb chooses a market and completes an offering, U.S. investors do not have a listed Bithumb stock through which to gain direct equity exposure.
Separately, South Korean brokerage Kiwoom Securities has held talks to acquire newly issued Bithumb shares. The proposed investment remained under negotiation in late June, with the two companies yet to agree on the size or ownership percentage.
Alongside falling revenue, Bithumb has been addressing regulatory and internal-control matters that could affect its listing work.
In June, South Korea's Personal Information Protection Commission imposed a 210 million won penalty after finding that Bithumb transferred customer information overseas without meeting all consent and notice requirements. The regulator's cross-border data ruling also required the exchange to revise its transfer procedures and explain them more clearly in its privacy policy.
An earlier anti-money laundering case produced a much larger 36.8 billion won fine and a six-month suspension covering new customer deposits and withdrawals to external wallets. In May, the Seoul Administrative Court paused the suspension while Bithumb's legal challenge proceeds, allowing the exchange to continue operating without the restriction for now.
Regulators said the AML action involved about 6.65 million cases of inadequate user identity checks, problems with transaction monitoring, and dealings with unregistered overseas virtual asset providers. Bithumb told local media it would present its position during the remaining proceedings.
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