Bitcoin News: Dunamu, Parent Company of UPbit, Reports Robust Earnings Growth Despite Regulatory Hurdles

In a significant development for the cryptocurrency industry, Dunamu, the parent company of South Korea’s largest crypto exchange UPbit, has announced impressive earnings growth for the year 2024. Despite facing regulatory challenges, the firm has managed to achieve substantial profit increases, highlighting the resilience and potential of the crypto market.

UPbit Parent Company Dunamu Reports Significant Earnings Growth in 2024 Despite Regulatory Challenges

Dunamu, the parent company of South Korea’s largest crypto exchange UPbit, reported a surge in earnings for 2024. According to Chosun Biz, citing the firm’s annual business filing, Dunamu’s operating profit jumped 85.1% to 1.19 trillion won (approximately $682 million). The firm’s revenue climbed 70.5% year-over-year to 1.73 trillion won ($1.1 billion), while net profit increased 22.2% to 983.8 billion won ($670 million). This strong performance was attributed to heightened trading activity fueled by Bitcoin’s halving event in April, which reduced block rewards from 6.25 BTC to 3.125 BTC. No mention of other coins or exchanges was made in the report.

Bitcoin Whales Accumulate $11B of BTC in Two Weeks

Despite macroeconomic uncertainty and technical doubts, Bitcoin whales have purchased over 129,000 BTC worth $11.2 billion since March 11, according to Glassnode. This is the most significant accumulation rate since August 2024, indicating growing confidence among the biggest market participants. BTC has recovered some poise, led by dovish Federal Reserve comments and Optimism about impending Trump tariffs.

BlackRock’s IBIT Dominates Bitcoin ETF Inflows

BlackRock’s IBIT led Bitcoin ETF inflows with $107.9 million in new capital. Spot Bitcoin ETF flows slowed slightly into the weekend but picked up modestly by March 26. On March 25, IBIT saw significant inflows, partially offset by outflows from Bitwise’s BITB and Grayscale’s GBTC. The following day, March 26, saw a more decisive swing to positive inflows, with IBIT posting new capital gains while BITB shed some. Comparing these last two days with the prior week showed a moderate cooling in activity but a continued trend towards net positive inflows.

French Blockchain Group’s Bitcoin Holdings Rise to $54 Million

France-based tech firm, The Blockchain Group, has strengthened its position among global Bitcoin holders with the purchase of 580 BTC valued at $50.64 million. The acquisition brings the company’s total Bitcoin holdings to 620 BTC, aligning with its long-term strategy of accumulating and perpetually holding BTC as a reserve asset. Listed on Euronext Paris, The Blockchain Group has continued its Bitcoin accumulation strategy that began in November 2024, acquiring BTC to optimize its cash reserves. The latest purchase, made through its 100% subsidiary The Blockchain Group Luxembourg SA, was financed using proceeds from a convertible bond issuance announced in early March.

French Company Drops €47M on Bitcoin — Stock Price Explodes

The Blockchain Group, a French company listed on Euronext Paris, has acquired 580 bitcoins for 47 million euros, positioning itself as the first “Bitcoin Treasury Company” in Europe. This move, inspired by Michael Saylor’s strategy, has significantly boosted its stock price. The transaction, valued at approximately 50.64 million dollars, was executed at an average price of 81,550 euros per bitcoin and financed through a convertible bond issuance. This is the company’s third purchase of BTC, following its initial investment of 15 BTC.