Dunamu, operator of South Korea’s largest crypto exchange Upbit, saw its operating profit crash 85% in the second quarter to 23.5 billion won, roughly $17 million, down from $108 million a year earlier. In May, Samsung, Hana Bank and Hanwha Investment Securities spent approximately $1.5 billion to acquire close to a fifth of the company at 439,252 won per share, about $310. Dunamu’s profit margin collapsed from 88% in 2021 to 14% last quarter, with commission income from Upbit down 49.8% in the first half. Trading volume across Korea’s five licensed won exchanges fell 49.5% to $146.4 billion in the second quarter, and a 22% tax on crypto gains arrives in January 2027. Shareholders will vote on November 19 on the planned merger with Naver Financial, which still values Dunamu at the 439,252 won price set when the deal was announced in November 2025.
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