Crypto▼ Bearish
Upbit, Bithumb Revenue Halved as Korea Crypto Trading Volumes Crash 54%
South Korea's Upbit and Bithumb saw revenue halve in H1 2026 as combined trading volumes crashed 54%. Operating profit at Bithumb fell 83%, producing a $70 million net loss. Results will test whether promotional efforts and cost cuts can stabilize income amid the bear market. Q3 reports due November.
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South Korea's two largest cryptocurrency exchanges reported steep revenue declines for the first half of 2026, with trading volumes sliding more than 54% as a prolonged bear market sapped retail activity across the country.
Dunamu, the operator of Upbit, posted consolidated revenue of 408.1 billion won ($289 million) for the six months through June, down 49.1% from the same period in 2025. Bithumb, the second-largest platform by market share, reported revenue of about 168.8 billion won ($119 million), a 48.7% drop, according to mandatory filings with South Korea's Financial Supervisory Service.
The core driver was a steep contraction in trading. Combined volume across the five major won-based exchanges totaled roughly $367 billion in the first half of 2026, down more than 54% year over year, the filings show.
Korean crypto exchanges earn nearly all their income from transaction fees on spot and other trades. Lower price volatility in Bitcoin and alternative tokens discouraged the retail investors who dominate the local market, cooling speculative demand, several traders said.
Sustained high interest rates in the U.S. pushed capital toward traditional equity markets, particularly AI and semiconductor stocks, further dampening appetite for digital assets, the filings noted.