Upbit operator Dunamu reported a significant increase in profit for the third quarter of this year, posting a net profit of 239 billion won ($165 million).
The figure marks an increase of more than 300% compared to $40 million in the same period last year, local news outlet Chosun Biz reported, citing regulatory filings with the Financial Supervisory Service.
The filing reportedly showed strong momentum across all key indicators. Consolidated sales increased 35% sequentially to $266 million, and operating income increased 54% to $162 million. Net income also increased 145% sequentially from $67 million.
The company attributes its improved performance to increased trading activity as the global digital asset market recovers from 2024 to 2025.
Related: Chairman Kaia says South Korea’s bank-first stablecoin approach lacks logic
Dunham acknowledges the boosting effect of US virtual currency bill
Dunham said investor confidence has increased following regulatory developments in the US, including the passage of the Genius Act, Clarity Act and anti-CBDC legislation. The company said these measures contributed to new participation by institutional investors and stable market conditions.
Dunum has faced increased reporting requirements since 2022, when it was added to the list of companies subject to external audits because it had more than 500 shareholders.
Notably, several leading cryptocurrency companies experienced revenue growth in the last quarter. Bitcoin mining company TeraWulf and Singapore-based cloud Bitcoin mining company BitFuFu doubled their revenue in the third quarter compared to the same period last year.
Related: South Korea steps up seizure of cryptocurrencies, also targeting cold wallets
Naver Financial to acquire Dunum
As reported by Cointelegraph, Naver Financial, the fintech arm of South Korea’s largest internet company, is preparing to acquire Dunam. Naver reportedly plans to introduce Dunum as a subsidiary through a share exchange, with board approval expected soon.
According to CoinMarketCap, Upbit Korea is the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base.
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