Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, reported a drop in revenue and profits for 2025, reflecting a quieter year for trading after the surge in activity seen in 2024.
The company said its annual revenue reached 1.56 trillion Korean won (about $1.03 billion), down 10.04 percent from the previous year.
The slowdown was more visible when it came to profits. Operating profit fell 26.7 percent to 869.2 billion won, while net profit dropped 27.9 percent to 708.9 billion won.
Lower trading volume hurts Dunamu’s profit
According to Dunamu, the main reason behind the decline was a reduction in cryptocurrency trading volumes compared with 2024, when market activity was significantly higher.
For exchanges like Upbit, trading volume is everything. Most of their revenue is generated through transaction fees. When users are active and trading, making purchases and sales, and moving in response to market changes, that’s when revenue is rising.
However, as markets stabilize and traders get cautious, that’s when trading slows down and revenue follows.
Dunamu’s latest results are a clear example of how closely exchange performance is tied to the overall mood of the crypto market.
Many analysts point out that 2024 set a particularly high benchmark. The year saw considerable price movement, a resurgence of retail investor enthusiasm, and a general buzz in the market, all of which contributed to increased trading volumes.
Against this background, the fall in 2025 was almost expected. In other words, the numbers may reflect a cooling-off period rather than a sign of deeper trouble.
Cryptocurrency as a whole is a cyclical business, and exchanges are very sensitive to that. When the business is booming, exchanges can make record profits within a very short time.
However, as soon as the business enters a stable or uncertain state, there are instances where people are forced to hold on and wait for clearer signs. That is part of the business, and companies like Dunamu have learned to deal with that.
Dunamu still holds significant market value
Despite the decline, Dunamu is still considered one of the most profitable and influential crypto firms in Asia.
The prevalence of Upbit in the South Korean market is still felt. This is because the crypto exchange has managed to retain a significant number of users and is considered one of the best in the country. Although the financial results are lower than the previous year’s figures, they indicate that the business is operating at a massive scale.
The South Korean market itself is another region that is quite important in the cryptocurrency industry. The country has been recognized over the years for having one of the most active retail markets and the highest public interest in digital assets.
However, the South Korean market has also become more heavily regulated in recent years. The country’s financial regulators have implemented new and more stringent rules to govern the operations of the digital asset exchanges. The new rules are intended to promote investor protection and transparency.
In the coming years, the financial results of Dunamu will be largely dependent on the dynamics of the trading activities. If the crypto asset prices become more volatile in the coming years, the trading activities are likely to pick up in no time.