Upbit and Bithumb, South Korea's two largest cryptocurrency exchanges, posted roughly 50% revenue declines in the first half of 2026 as weaker digital-asset prices and lower trading activity hit fee income, while the market slump also sharply reduced the fair value of crypto held on their own books. Dunamu, Upbit's operator, reported revenue of 408.1 billion won, or about $289 million, down 49.1% year on year, operating profit of 111.5 billion won, down 79.7%, and net profit of 108.4 billion won, down 74.1%. At the end of the first half, the fair value of virtual assets held by Dunamu stood at 1.3779 trillion won, or $991.4 million, down 39.6% from 2.285 trillion won, or $1.64 billion, at the end of last year. Bithumb reported revenue of 168.8 billion won, down 48.7%, operating profit of 14.9 billion won, down 83.4%, and a net loss of 108.7 billion won, versus net profit of 55 billion won a year earlier; the value of virtual assets it held fell 30.5% from the end of last year to 194.1 billion won, or $139.7 million, by the end of the first half. Bitcoin fell from about $90,000 to $60,000 and Ethereum from $3,000 to about $1,600 during the period, while a rally in South Korean semiconductor stocks pulled funds from crypto; the country's five licensed exchanges saw combined second-quarter trading volume drop 49.5% to $146.43 billion. Despite the earnings pressure, Dunamu is pursuing an equity swap with Naver Financial and plans to seek a Nasdaq listing within five years after completion, while Bithumb aims to strengthen internal controls in 2026, file for preliminary listing review in 2027 and complete an IPO in 2028.