Inside Upbit's Bitcoin Accumulation Strategy: The Rise of a Corporate Bitcoin Maximalist

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The world of cryptocurrency continues to evolve, not just through technological breakthroughs but also via innovative corporate financial strategies. One of the most fascinating developments in recent years is the rapid accumulation of Bitcoin by Dunamu Inc., the operator of South Korea’s largest digital asset exchange, Upbit. By leveraging its core business operations, Dunamu has quietly become one of the top corporate Bitcoin holders globally—ranking 4th among public companies and 10th overall, including private entities.

As of December 2024, Dunamu held 16,839 BTC, valued at approximately $1.8 billion. This wasn’t achieved through debt financing or one-time capital raises like MicroStrategy, but rather through a consistent, organic strategy akin to Dollar-Cost Averaging (DCA)—funded primarily by Bitcoin trading fees and withdrawal fees collected from users.

This article explores how Upbit built its massive Bitcoin treasury, evaluates the sustainability of its accumulation model, and discusses what this means for its future valuation and strategic direction—all while integrating essential SEO keywords: Bitcoin accumulation, corporate Bitcoin strategy, Upbit exchange, Bitcoin DCA, cryptocurrency trading fees, Bitcoin maximalist, digital asset reserves, and blockchain financial models.

The Emergence of Bitcoin as a Corporate Asset Class

Bitcoin has come a long way since its 2009 inception. With the approval of spot Bitcoin ETFs in the U.S., institutional acceptance has reached new heights. Bitcoin is no longer seen solely as a speculative asset but increasingly as a digital store of value, comparable to gold.

This shift in perception has led some forward-thinking companies to integrate Bitcoin into their balance sheets. Firms like MicroStrategy and Tether have made headlines for their aggressive Bitcoin purchases. Tether, for instance, announced in 2023 that it would allocate up to 15% of its net profits toward Bitcoin acquisition—a move signaling strong belief in blockchain-based finance.

While most companies buy Bitcoin using cash reserves or raise capital specifically for that purpose, Dunamu stands out because it uses operational revenue—not equity or debt—to accumulate BTC. This subtle but significant difference positions Dunamu not just as an exchange operator, but as a de facto corporate Bitcoin maximalist, reinvesting profits directly into the asset it helps facilitate.

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How Upbit Accumulates Bitcoin: A Deep Dive into Revenue Streams

Dunamu doesn’t “buy” Bitcoin with Korean won or U.S. dollars. Instead, it earns BTC directly through its platform operations. There are three primary sources:

  1. BTC Market Trading Fees
  2. BTC Withdrawal Fees
  3. Potential Revenue from International Partnerships

Let’s break these down.

1. BTC Market Trading Fees

Upbit operates multiple markets: KRW-BTC, BTC-altcoin pairs, and USDT-based pairs. For every trade executed in the BTC market, Upbit charges both the buyer and seller a fee—historically around 0.25% per side (0.5% total)—paid in Bitcoin.

As of May 2025, Upbit listed 222 BTC trading pairs. Each transaction contributes small amounts of BTC to Upbit’s treasury. Over time, these micro-fees add up significantly.

In 2023 alone, Upbit earned 3,481 BTC from BTC market trading fees. In 2024, despite declining volumes, it still generated 826 BTC—more than 90% of its total annual BTC inflow.

2. BTC Withdrawal Fees

When users withdraw Bitcoin from Upbit, they pay a network fee—set at 0.0008 BTC per withdrawal as of 2025. While this may seem minor, high-frequency withdrawals can generate substantial revenue.

However, actual profitability depends on the difference between what users pay and what Upbit pays to miners (on-chain transaction fees). At typical network costs of ~0.0000022 BTC, Upbit’s margin exceeds 99.7%—a highly lucrative business if scaled.

Still, user withdrawal frequency is relatively low. Estimates suggest only 10–20 withdrawals per hour, translating to roughly 79–157 BTC annually—far below earlier projections based solely on financial statements.

3. International Technology Licensing

Dunamu has partnered with regional exchanges under the Upbit APAC brand, including operations in Thailand and Indonesia. These agreements involve sharing technology and possibly revenue streams.

For example, Upbit Thailand reported paying “system service fees” to Dunamu Inc., potentially including BTC-denominated income from shared order books or fee-sharing models. While exact figures remain undisclosed, this could contribute incrementally to BTC accumulation—though likely less than 10 BTC per year.

Financial Mechanics: How BTC Becomes an Intangible Asset

From an accounting perspective, each time Upbit receives Bitcoin as payment for services, it records the transaction as revenue:

Debit: Intangible Assets (BTC)  
Credit: Operating Revenue

This means Dunamu isn't buying BTC—it's earning it. As Bitcoin’s market price rises, so does the value of this intangible asset on the balance sheet.

By the end of 2024, revaluation of its BTC holdings added $1.1 billion to equity, a figure not reflected in operating or net profit metrics. This silent revaluation significantly impacts investor perception—if recognized.

Yet Dunamu’s current market cap stands at $3.9 billion, suggesting the market may be undervaluing its digital asset reserves when compared to peers like Coinbase.

Can Upbit Sustain Its Bitcoin DCA Strategy?

Two critical questions arise:

  1. Can Upbit maintain its current BTC accumulation rate?
  2. Will structural market shifts reduce its ability to earn BTC?

Declining BTC Market Volume

The data paints a clear trend: BTC trading volume on Upbit has plummeted.

Why? Because after the launch of spot Bitcoin ETFs in early 2024, investors began treating BTC primarily as a store of value, not a medium for trading altcoins. Fewer people are swapping BTC for other cryptos—directly impacting fee income.

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Competitive Pressure on Withdrawal Fees

While withdrawal fees offer high margins today, competition is fierce.

Compare:

Upbit’s fee is over 40x higher than major competitors. Unless justified by superior service or security, this gap is unsustainable long-term.

Moreover, with advancements in Layer-2 solutions like the Lightning Network—where fees can be as low as a few satoshis—pressure will grow to lower mainchain withdrawal costs.

Strategic Outlook: From Accumulation to Flexibility

Historically, South Korean regulations restricted exchanges from freely disposing of crypto assets due to tax and compliance concerns. But by early 2025, these barriers had eased significantly—allowing firms like Dunamu greater flexibility in managing their BTC reserves.

This opens new possibilities:

If Dunamu shifts from passive accumulation to active treasury management, it could signal a broader evolution—from a Bitcoin maximalist to a more balanced digital asset strategist.

Valuation Implications: Is the Market Underpricing Dunamu?

Despite strong fundamentals, Dunamu’s $3.9B valuation appears conservative when considering:

Unlike Coinbase—which benefits from diversified revenue (Base chain, Deribit options, futures)—Dunamu remains focused on core exchange operations. Yet both hold significant BTC reserves.

Investors should ask: Does Dunamu deserve a premium for organic accumulation via operational cash flow?

The answer depends on whether this strategy continues—and whether regulators allow full monetization of gains.

Frequently Asked Questions (FAQ)

Q: How much Bitcoin does Upbit actually own?

As of December 2024, Dunamu Inc.—the parent company—held 16,839 BTC in its corporate treasury. This excludes customer funds and ranks it among the top 10 largest corporate holders globally.

Q: Does Upbit use profits to buy Bitcoin?

Not exactly. It doesn’t convert fiat to BTC; instead, it earns BTC directly through trading fees (BTC market) and withdrawal fees, effectively running a continuous DCA program funded by user activity.

Q: Why is Upbit’s Bitcoin accumulation slowing down?

Two main reasons:
(1) Drastic decline in BTC/altcoin trading volume post-ETF approval;
(2) Competitive pressure forcing lower withdrawal fees.

Q: Could Dunamu start selling its Bitcoin?

Yes. Regulatory changes in 2025 now allow crypto firms greater freedom to manage digital assets. Any future sales would likely fund expansion or return capital to shareholders.

Q: Is Dunamu similar to MicroStrategy?

Both are large corporate holders, but their strategies differ:

Q: What risks does Dunamu face with its Bitcoin holdings?

Primary risks include:

Final Thoughts: A Model for the Future?

Dunamu’s journey reflects a new paradigm: exchanges becoming long-term holders of the assets they trade. By aligning its incentives with those of its users—holding rather than just facilitating—Upbit has built one of the most impressive corporate Bitcoin treasuries in the world.

But sustainability is key. Without structural changes—such as launching derivatives, expanding globally, or introducing new revenue models—the pace of accumulation will inevitably slow.

Still, Dunamu’s story offers valuable lessons for any business considering Bitcoin integration—not through risky debt financing, but through disciplined reinvestment of operational income.

👉 Learn how next-generation platforms are transforming trading revenue into lasting digital value.