Q3 Earnings Jump Reflect Growing Trading Activity and Renewed Investor Confidence
South Korea’s leading crypto exchange operator, Dunamu, delivered one of its strongest quarterly results to date, reporting a major rebound in profitability as global digital-asset markets strengthened through 2024 and 2025. The company, which operates Upbit — the country’s largest crypto trading platform, posted 239 billion won ($165 million) in net income for Q3, marking a dramatic year-over-year increase.
Dunamu’s Q3 Profit Surges Over 300% Year-on-Year
Regulatory filings cited in local reports show that Dunamu’s latest quarter reflects significant momentum across nearly all financial indicators. Net income soared more than 300% year-on-year, far outpacing the $40 million recorded in the same quarter last year.
The filings showed consolidated revenue rising to $266 million, a 35% increase from the previous quarter. Operating profit gained 54% quarter-over-quarter, reaching $162 million, while net income climbed 145% compared with Q2.
Industry analysts say the earnings spike underscores how strong trading activity, a reviving market cycle, and steady inflows from institutional participants are reshaping Korea’s crypto landscape.
An industry expert noted that the company’s performance “reflects how dramatically sentiment has shifted as digital-asset markets stabilized and liquidity returned.”
Regulatory Shifts in the U.S. Support Sentiment
Dunamu credited part of its growth to a shift in global regulatory signals. The company said investor confidence strengthened following major U.S. legislative actions, including the Genius Act, the Clarity Act, and the Anti-CBDC Bill.
These measures contributed to more predictable policy conditions, which Dunamu says encouraged institutional investors to reenter the market.
The company has operated under tighter disclosure rules since 2022, after surpassing 500 shareholders — a threshold that subjects it to South Korea’s external-audit requirements.
Crypto Firms Globally Record Higher Revenues
Dunamu’s strong quarter aligned with a wider industry trend. Several crypto-focused firms, including TeraWulf and BitFuFu, reported doubling their Q3 revenue compared with the previous year, signaling broader recovery in market activity.
This synchronized upswing highlights the renewed demand for mining efficiency, exchange liquidity, and digital-asset infrastructure.
Naver Financial Prepares to Acquire Dunamu
A major structural shift is also underway. South Korea’s top internet conglomerate is moving to integrate Dunamu into its portfolio. Naver Financial is preparing a share-swap acquisition that would make Dunamu its subsidiary, with final approvals expected soon.
Market analysts view this as a move that could expand Upbit’s reach, strengthen financial-technology synergies, and accelerate innovation across digital-asset services.
Upbit remains South Korea’s largest cryptocurrency exchange by trading volume and user base, solidifying its central role in the country’s digital-asset ecosystem. With Dunamu’s quarterly resurgence and a potential acquisition on the horizon, the platform is positioned to continue shaping Korea’s evolving crypto economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.