South Korean crypto exchange Korbit sold 15 Bitcoin and 60 Ethereum in early July to raise about ₩1.6 billion, around $1 million, for operating costs, including labor. It was the exchange’s third such sale in 2026, ZDNet Korea reported.
Daily Volume Fell 89% Year Over Year
Average daily trading volume across South Korea’s five won-based exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax, fell about 89% year over year, dropping to roughly $305 million in July from $2.82 billion a year earlier. Reports described it as the weakest trading activity in two years.
Over the same period, the KOSPI equity index rose 114%. Coverage of the volume drop tied the shift to retail investors moving money from crypto into equities. Disruption Banking covered an earlier stage of this exodus, when Korean exchange volumes had fallen 80%.
Fee Revenue Drove the Earnings Decline
Korean exchanges depend heavily on trading fees. At Dunamu, the operator of market leader Upbit, transaction fees account for over 98% of revenue, regulatory filings show.
Dunamu reported first-quarter revenue of ₩234.6 billion, down 55% year over year, and operating profit of ₩88 billion, down 78%, according to a filing with the Financial Supervisory Service. The company attributed the decline to lower crypto trading volumes amid a global economic slowdown. Reports noted that smaller rivals Coinone and Gopax are expected to remain in the red.
Korbit Has Sold Treasury Assets Three Times in 2026
The July sale of 15 BTC and 60 ETH was the third time Korbit sold portions of its digital asset holdings this year to fund operations. An earlier disclosure in March detailed a plan to sell 65 BTC and 300 ETH between March 6 and May 31 to cover operating expenses, including labor costs.
The exchange disclosed each sale through corporate filings. Reports stated the July sale was not expected to move broader Bitcoin or Ethereum prices.
Mirae Asset Completed Its Korbit Takeover in July
On July 23, Mirae Asset Consulting said it had raised its stake in Korbit to 97.15%, completing an acquisition valued at about ₩141.4 billion. Mirae Asset Group had an AUM of about $1 trillion as of May.
South Korea’s Fair Trade Commission approved the deal on July 9, noting Korbit held roughly 0.5% of the country’s crypto trading market in 2025. Reports said the exchange is being rebranded as Digital X and that the change of ownership will not disrupt user services, deposits, or withdrawals. The coverage described Mirae Asset’s stated plan as building custody, stablecoin, and tokenization services on Korbit’s platform, a direction that aligns with South Korea’s move to write crypto into its state asset rulebook.
What to watch next
Two things decide where this goes. First, whether Korea’s stock rally holds. It has already taken sharp hits this year, and any reversal could push retail cash back toward crypto. Second, consolidation. If daily volume stays near $300 million, weaker exchanges face hard staffing decisions and may start circling. Korbit’s coin sales won’t move Bitcoin’s price. But they’re a clean read on how quickly liquidity can drain from even a market as crypto-hungry as South Korea’s.
Author: Ayanfe Fakunle
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
See Also:
South Korea Writes Crypto Into Its State Asset Rulebook After 76 Years | Disruption Banking
Korea’s Crypto Crash: 80% Volume Drop and ₩160T Exodus | Disruption Banking
