Stocks in South Korea’s cryptocurrency exchange Dunamu and Bithumb have skyrocketed dramatically this year, in contrast to Coinone’s decision to liquidate Crypto Holdings.
In this year’s bull market, exchanges are experiencing diverse wealth as many players face economic burdens while market leaders watch the rising ratings.
Upbit and Bithumb Drive Exchange are highly rated
Dunamu, the operator of Upbit, has seen individual stock prices rise 33% per year, 240,000 won ($173). The company’s estimated market capitalization is currently at 8.26 trillion won ($59.6 billion). Bithumb performed even more impressively at 238,000 won ($172) with a surge of 131%.
Both exchanges reached peak ratings on July 4th and were moderated slightly since. Dunamu hit 258,000 won and Bithumb touched 275,000 won at a summer rally. This profit reflects the new optimism of the cryptocurrency market as Bitcoin repeatedly sets new annual highs.
The companies are positioning themselves for potential public offers in the coming months. Bithumb is specifically targeting Kosdaq listings for the second half of 2025. Their strong market positions support these ambitious plans as trading volumes remain strong.
Koinon struggles to concentrate the market
Small exchange Koinon faces pressure with just 3% market share compared to dominant players. The company has announced plans to sell $2.96 million worth of cryptocurrency. This represents approximately 10% of Coinone’s total digital asset holdings.
The sale marks the first case under the new regulatory guidelines introduced in May. The financial authorities have established a transparent procedure that allows exchanges to settle crypto holdings for operational funds. This framework requires prior disclosure and sales are limited to 20 cryptocurrencies by market capitalization.
Coinone sales fund operating expenses, including labor costs, rather than expansion or infrastructure. This move requires urgent liquidity amid ongoing financial difficulties.
Coinone recorded an operating loss of $4.4 million last year, extending its deficit for the third consecutive year. Co-CEO-CEO Lee Sung-Hyun reportedly manages multiple roles after employee cuts. Industry observers suggest that these measures could precede the discussion of potential takeovers.
The cryptocurrency exchange sector is increasingly supporting the scale as the rate-based revenue model relies heavily on transaction volume. The market concentration between Upbit’s 63% share and Bithumb’s 33% share has little room for small competitors.
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