TL;DR:
- Upbit, operated by Dunamu, recorded operating revenue of 1.56 trillion won ($1.03 billion) in 2025, a 10% drop compared to 2024.
- Operating profits contracted 26.7% to 869.3 billion won, driven by lower trading volumes on the platform.
- Naver Financial postponed its merger with Dunamu.
Dunamu, the operating company behind South Korean exchange Upbit, reported a 10% drop in its annual revenue for 2025, impacted by cooling trading volumes following the peak recorded the previous year.
Consolidated operating revenue closed at 1.56 trillion South Korean won (approximately $1.03 billion), down from 1.73 trillion won ($1.1 billion) in the prior cycle. Operating profit plunged 26.7% to 869.3 billion won ($573 million), while net profit fell 27.9% to 708.9 billion won ($468 million), according to the company’s financial report.
Upbit Records Declines Across Multiple Metrics
The company explained that most of the decline stems from a drop in trading platform fees, which accounted for 98.3% of total revenue at 1.53 trillion won ($1.01 billion), down from 1.71 trillion won ($1.13 billion) the previous year. The remaining 1.7% of revenue came from supplementary services such as its securities app and blockchain infrastructure.
Dunamu-Naver: the Postponed Merger
The firm’s total assets reached 13.17 trillion won ($8.7 billion) at the close of 2025, representing a reduction of 2.15 trillion won compared to the previous year. Dunamu noted that the contraction in current assets was driven primarily by a decline in customer deposits, a direct consequence of lower trading volumes on Upbit.
Founded in 2012, Dunamu is the first recognized virtual asset service provider in South Korea. It launched Upbit in October 2017 and has since expanded its offering to include NFTs, staking, digital asset lending, and blockchain platforms such as Luniverse and Nodit. Outside the crypto market, it operates Securities Plus, a stock information platform launched in 2014.
In November 2025, Naver Financial, the fintech arm of tech giant Naver, confirmed a share-exchange merger that would turn Dunamu into a wholly owned subsidiary. However, the company postponed the transaction by approximately three months, citing changes in regulatory approvals. Dunamu is also moving forward with plans to list its shares on the Nasdaq, according to local media reports.
