Upbit Operator Reports 300% Profit Spike, Credits U.S. Crypto Bills for Investor Boost
Why Did Dunamu’s Profit Jump More Than 300%?
Dunamu, the operator of South Korea’s largest crypto platform Upbit, recorded a dramatic surge in profitability in the third quarter, fueled by the global rebound in digital asset trading. According to regulatory filings cited by Chosun Biz, the company reported 239 billion won, or 165 million dollars, in net income. That represents a more than 300 percent increase from the identical period a year earlier, when net income stood at just 40 million dollars.
The filing showed strong growth across every major line item. Consolidated revenue rose to 266 million dollars, up 35 percent from the previous quarter, while operating profit climbed 54 percent to 162 million dollars. Net income also jumped sharply on a quarter-over-quarter basis, rising 145 percent from the previous quarter’s 67 million dollars.
Dunamu credited the surge to a broad revival in trading activity throughout 2024 and 2025 as recovered from prior periods of low liquidity and macro-driven uncertainty. Upbit, already dominant in South Korea, benefited significantly from higher retail participation, improved volatility cycles and increased institutional order flow.
Investor Takeaway
How U.S. Crypto Bills assisted Boost Korean Market Sentiment
One unexpected factor behind Dunamu’s stronger quarter was a wave of regulatory developments in the United States. Dunamu said the passage of three U.S. crypto-focused bills — the Genius Act, the Clarity Act and the Anti-CBDC Bill — improved global investor sentiment and restored confidence in .
The renewed clarity reportedly encouraged institutional participation and assisted stabilize market structure throughout Q3. Even though the legislation is U.S.-centric, spillover effects reached Asia as global funds recalibrated their risk appetite and re-entered .
The company’s momentum also comes as South Korea maintains one of the most heavily regulated crypto environments in the world. Dunamu has faced higher scrutiny since 2022, when it surpassed 500 shareholders and was added to the list of corporations subject to external audits.
Despite the strict oversight, Upbit remains the clear market leader in South Korea in both trading volume and user base, according to CoinMarketCap. Its growing dominance assisted amplify Dunamu’s profitability during the market rebound.
Are Crypto Firms Entering a Broader Revenue Recovery Cycle?
Dunamu is not the only crypto company experiencing a revenue upswing. Several major firms across mining and infrastructure also reported strong year-over-year growth during the identical quarter.
BTC miner TeraWulf and Singapore-based cloud mining operator BitFuFu both doubled their third-quarter revenue compared with the previous year, benefiting from higher BTC prices, wider adoption among institutional purchaviewrs and increased demand for hash power.
This trend suggests the industry may be moving into a broader recovery cycle driven by higher BTC valuations, stronger trading activity, and the return of sidelined market participants. For platforms, this typically translates into higher spot and derivatives revenue, improved staking yields and largeger fee volumes from altcoin markets.
Investor Takeaway
What Does Naver’s Planned Acquisition Mean for Dunamu?
Beyond financials, Dunamu is approaching a structural turning point. As previously reported, Naver Financial — the fintech arm of South Korea’s largest internet platform — is preparing to acquire Dunamu through a share-swap transaction. Board approvals are expected soon, and the deal would bring Dunamu under the umbrella of one of Asia’s most influential consumer-tech ecosystems.
If completed, the acquisition would give Upbit access to Naver’s vast distribution network, including its payment services, user base and mobile infrastructure. That could accelerate customer growth, expand reach into mainstream financial services and enhance Dunamu’s competitive position against local fintech rivals.
For Naver, the acquisition represents a strategic entry into the segment, diversifying its financial operations while aligning with long-term digital finance trends.
A Naver-owned Dunamu could reshape South Korea’s , strengthen platform consolidation and potentially influence how regulators treat large-scale crypto platforms.
