Upbit and Bithumb Post Strong Q3 Results, But Q4 Outlook Remains Uncertain... “Preparing for Business Diversification” [Crypto Briefing]

[Financial News] Despite Upbit and Bithumb, two major domestic virtual asset exchanges, posting strong results in the third quarter, concerns are mounting over declining revenue as trading volumes have dropped sharply in the fourth quarter. As a result, both exchanges are preparing to diversify their business beyond trading fees.
According to electronic disclosures from the Financial Supervisory Service (FSS) on the 17th, Dunamu Inc., which operates Upbit, recorded sales of 385.9 billion KRW and operating profit of 235.3 billion KRW in the third quarter of this year, up 103.8% and 180% year-on-year, respectively. Bithumb reported sales of 196 billion KRW and operating profit of 70.1 billion KRW, marking increases of 184.4% and 771.1% compared to the same period last year.
Analysts attribute the surge in trading volume to favorable factors such as the passage of the U.S. ‘Digital Asset Triad’ (Genius Act, Clarity Act, Anti-CBDC Act) in the House, regulatory improvements, an Ethereum rally, and a cut in U.S. benchmark interest rates. In fact, according to CoinGecko, the monthly average daily trading volume in Q3 reached its highest levels of the year: $5 billion in July, $4.2 billion in August, and $4 billion in September.
However, as the virtual asset market entered a correction phase in the fourth quarter, trading volume plummeted. From November 1 to 16, the average daily trading volume was $3.3 billion, the lowest since June, when the Iran-Israel conflict caused the figure to drop to $2.2 billion.
There are even predictions that the virtual asset market may remain stagnant for an extended period. At the end of last month, global crypto research firm Matrixport noted, “Current indicators suggest that Bitcoin (BTC) may enter a prolonged sideways phase, moving within a certain range rather than establishing a clear direction.”
In response, exchanges are considering business diversification. As of Q3 this year, Dunamu Inc.’s non-trading fee revenue accounted for 2.06% of total sales, up from 1.28% last year. Bithumb’s non-trading fee revenue reached 1.62% in Q3, a significant jump from the 0.06% average over the past two years.
Dunamu Inc. is expanding its business-to-business (B2B) service offerings. Its non-trading revenue comes from sources such as the Risk Management System (RMS) for securities solutions, the Luniverse blockchain platform, and the shareholder management service ZUZU (formerly Shareholder Legal). Dunamu Inc. generates revenue by providing its blockchain and fintech technology to external companies and institutions. Recently, it also launched its own blockchain, GIWA, and the GIWA Wallet service, laying the groundwork for business targeting enterprises, brands, and institutions.
Bithumb’s non-trading revenue includes price inquiry fees for virtual asset data analytics firms and listing fees from coin lending service operators. As of October 23, the coin lending service shifted from a consignment to a direct operation model in accordance with financial authorities’ guidelines. Bithumb is also eyeing expansion into enterprise services. On October 30, it hosted the Bithumb BIZ Conference 2025 for corporate clients, aiming to attract major companies and professional investment firms.
An industry official commented, “The third quarter was a boom period, so exchanges saw increased profits, but it’s true that trading volumes have declined in the fourth quarter. The industry is now making efforts to expand beyond trading fees into other business areas, such as Korean won stablecoins.”

[email protected] Im Sang-hyuk Reporter