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- Dunamu revenue drops as crypto trading activity declines across Upbit platform
- Heavy reliance on trading fees exposes earnings to market cycles
- Delayed merger and expansion plans shape Dunamu’s long term strategy
A shift in crypto market momentum has started to reflect directly on exchange performance, with Dunamu reporting weaker financial results after a period of elevated trading demand. The company, which operates Upbit, recorded a noticeable slowdown in 2025 as market participation cooled compared to the previous year’s surge.
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Earnings Decline Highlights Strong Reliance on Trading Activity
Dunamu reported revenue of 1.56 trillion won in 2024 which is 10% less than what Dunamu made in 2023. The company’s operating profit fell 26.7 percent to 869.3 billion won. Dunamus’ net profit also decreased by 27.9 percent to 708.9 billion won. Most of Dunamus’ revenue comes from fees paid by traders on the platform in which 98.3 percent of Dunamus’ revenue comes from these fees. This shows that Dunamu really needs traders to keep trading on its platform to make significant money.
Dunamus’ financial situation has also changed due to market conditions compared to the year 2024, Dunamu had assets of 13.17 trillion won. The main reason for this decline is that people are not depositing as much money as they used to, and fewer new trades are being made. Furthermore, the data shows how closely exchange performance tracks user participation. When trading volumes decline, both revenue and liquidity follow a similar pattern. This relationship underscores the cyclical nature of crypto exchange earnings, especially during quieter market phases.
Expansion Strategy and Delayed Merger Shape Future Outlook
Meanwhile, Dunamu continues to expand beyond its core exchange business. The company operates Securities Plus, which integrates stock trading through partnerships with domestic firms. It also runs blockchain platforms such as Luniverse and Nodit, alongside services like staking and digital asset accumulation.
While all this is happening, there are major changes underway at Dunamu that will help determine what the company will do in the long run. For example, Naver Financial is going to swap shares with Dunamu, which means Naver Financial will eventually own Dunamu. This process is taking longer than expected because the rules keep changing.
Naver Financial and Dunamu have planned to invest in areas such as artificial intelligence and blockchain technology. These companies are committed to building for the future even if they have to deal with some short-term problems. Dunamus latest results show how fast things can change in the market. The amount of trading that happens is still the key to Dunamu’s success, even as it tries to do more things.
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