Upbit operator Dunamu posts $165M in profit in Q3, up over 300% YoY

Dunamu attributes profit surge to US crypto legislation and investor confidence

Dunamu, the company behind South Korea's largest crypto exchange, Upbit, has reported impressive financial results for the third quarter of the year. The firm posted a net income of 239 billion won, equivalent to $165 million, marking a staggering increase of over 300% compared to the $40 million reported in the same quarter last year. This remarkable growth can largely be attributed to a rebound in the digital asset market and increased investor confidence, spurred by recent regulatory developments in the United States.

Dunamu shows strong financial performance with significant revenue growth

The company's regulatory filings reveal robust growth across all major financial metrics. Consolidated revenue reached $266 million, which is a 35% increase from the previous quarter. Operating profit also saw a substantial rise of 54%, totaling $162 million. Additionally, net income surged by 145% from $67 million in the prior quarter. Dunamu credited the rise in trading activity as a key factor driving this improved performance, indicating a broader recovery in global digital asset markets throughout 2024 and 2025.

Naver Financial plans to acquire Dunamu through a share swap

In a significant development for the company, Naver Financial, the fintech division of South Korea's largest internet firm, is preparing to acquire Dunamu. The acquisition will reportedly be executed via a share swap, with board approvals anticipated shortly. This move reflects Naver's strategic interest in bolstering its presence in the cryptocurrency sector, especially given Upbit's status as a leading exchange in terms of trading volume and customer base.

Overall market rebound positively impacts various crypto firms and exchanges

The positive trends observed in Dunamu's financial results are not isolated. Other major players in the crypto space, such as Bitcoin mining companies TeraWulf and BitFuFu, have also reported significant revenue increases in the last quarter. This suggests that the overall recovery in the digital asset market is benefiting a wide range of companies, leading to renewed optimism among investors and stakeholders alike.