Bithumb's second-quarter 2026 revenue fell 35.8% from a year earlier to 86.3 billion won as weaker trading activity in South Korea reduced commission income, while operating profit dropped 44% to 12.1 billion won and the company swung from a 22 billion won profit to a 21.8 billion won net loss. For the first half, revenue fell 48.7% to 168.8 billion won, operating profit declined 83.4% to 14.9 billion won, and net loss reached 108.7 billion won. Trading commissions accounted for almost all second-quarter revenue, underscoring Bithumb's dependence on customer activity, while changes in the value of its virtual asset holdings pushed net income below operating profit. The second-quarter loss was smaller than the 86.9 billion won deficit in the first quarter, showing how heavily earlier losses weighed on the half. The earnings downturn comes as Bithumb works toward a public listing targeted for 2028, with internal-control upgrades and Korean International Financial Reporting Standards preparation scheduled for 2026 and a preliminary listing application planned for 2027. The company has also been dealing with privacy and anti-money laundering regulatory actions as it prepares for the offering.