Korea’s digital-asset sector is showing renewed momentum. Dunamu and Bithumb both reported significant gains for the third quarter of 2025, reflecting the global market’s recovery and stronger investor activity. The rise comes at a time when U.S. regulatory adjustments are influencing investor confidence in major markets. These shifts may provide valuable signals for Korea’s exchanges as they navigate a more structured international environment.

Dunamu & Bithumb Q3 Results Highlight Strong Recovery in Korea’s Digital-Asset Trading Activity

Dunamu, operator of Upbit, recorded KRW 385.9 billion (~USD 265 million) in revenue for the third quarter of 2025, up 103.8% year-on-year. Operating profit reached KRW 235.2 billion (~USD 162.3 million), marking an increase of 180.3%.

Bithumb reported KRW 196 billion (~USD 135.2 million) in revenue and KRW 70.1 billion (~USD 48.3 million) in operating profit, representing 184.4% and 771.1% growth year-on-year.

Trading activity rose across both platforms. The Block’s data shows Upbit handling USD 286.4 billion in Q3 trading volume, almost double the previous year. Bithumb processed USD 128.1 billion, nearly triple nearly triple the same period in 2024.

Global Market Recovery and U.S. Regulatory Momentum

The strong results reflect a broader rebound in global digital-asset markets. Rising cryptocurrency prices, including Bitcoin, drew investors back into trading, lifting overall liquidity.

Market sentiment was also shaped by developments in the United States. The House passage of the Digital Asset 3 Bills — the Genius Act, the Clarity Bill, and the Anti-CBDC Bill — signaled stronger federal engagement with digital-asset oversight. The passage in the U.S. House increased market confidence and contributed to higher participation on major exchanges.

Dunamu’s Bitcoin holdings also gained value as prices rose. The firm held 16,878 BTC at the end of Q3, worth KRW 2.74 trillion in Korean won terms.

Exchange Perspectives on Market Conditions

A Bithumb representative noted,

“During the fourth quarter, we plan to strengthen system stability and user-focused innovation to further reinforce trust in the market.”

The statement reflects the company’s intent to maintain resilience as market conditions evolve.

Implications of Dunamu & Bithumb’s Q3 Growth for Korea’s Digital-Asset Strategy

The Q3 results of Dunamu and Bithumb show how Korea’s digital-asset infrastructure responds to global regulatory signals. Trading growth was driven by market recovery, yet the scale of volume increases also suggests a maturing user base that reacts quickly to shifts in international frameworks.

For founders and investors, these developments may highlight three ecosystem signals:

1. Korea’s exchanges remain systemically significant.

Upbit and Bithumb continue to capture large portions of domestic activity, shaping liquidity for Korean users and influencing how global firms assess the market.

2. Regulatory clarity abroad affects domestic confidence.

U.S. legal developments around digital assets contributed to a more predictable environment for market participants. The spillover effects underscore Korea’s position within a globally interdependent market.

3. Compliance frameworks are becoming more important.

Dunamu’s disclosure under the Virtual Asset User Protection Act shows how Korean exchanges are aligning with stronger oversight. This may raise the bar for operational transparency and investor safeguards.

These trends point to a more structured phase of industry growth, where both market sentiment and regulatory signals drive trading behavior.

The Road Forward for Korea’s Digital-Asset Markets

The sharp rise in Dunamu and Bithumb Q3 trading volume across Korea’s exchanges reflects a global shift back toward digital-asset participation.

With the United States advancing policy discussions and Korea reinforcing its own regulatory standards, these developments may signal a shift toward more stable growth conditions, especially after the previous venture ban lifts on virtual asset firms. However, industry observers remain cautious as the country’s staggering growth in digital assets has yet been followed with sufficient policy evolution

As for investors and ecosystem leaders, the next stage will hinge on how exchanges balance innovation, compliance, and the increasing expectations of global market participants.

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