Upbit and Bithumb see 50% revenue drop in H1 2026

Upbit and Bithumb saw revenues plunge nearly 50% in H1 2026, with profits hit hard by reduced trading, lower investor activity, and a shift to equities amid a tough crypto market.

Upbit and Bithumb, South Korea's top cryptocurrency exchanges, experienced revenue declines of nearly 50% in the first half of 2026, highlighting a significant contraction in the local crypto market. Dunamu, Upbit's parent company, reported a 49.1% year-over-year drop in consolidated operating revenue to 408.1 billion won ($289 million). Its operating profit fell 79.7% to 111.5 billion won ($79 million), while net profit dropped 74.1% to 108.4 billion won ($77 million). Bithumb's operating revenue decreased 48.7% to 168.8 billion won ($120 million), and its operating profit plunged 83.4% to 14.9 billion won ($11 million), resulting in a net loss. The downturn was driven by reduced trading activity, lower investor participation, a shift of capital to domestic equities, and a sharp decline in major digital asset prices and market liquidity. Both exchanges responded with cost-cutting measures and continued strategic initiatives, including IPO preparations and new partnerships, amid one of the most challenging periods for South Korea's crypto sector.