Upbit and Bithumb Thrive Amid Market Concentration, While Coinone Faces Liquidity Challenges and Potential Acquisition Talks

Key Points

1. Upbit's operator, Dunamu, saw a 33% year-to-date stock price increase to 240,000 won ($173), with an estimated market cap of 8.26 trillion won ($5.96 billion).

2. Bithumb's stock price surged 131% to 238,000 won ($172), with peak valuations reached on July 4th during a summer rally.

3. Coinone struggles with only 3% market share, $4.4 million in operating losses last year, and asset liquidation to manage deficits.

4. Bithumb aims for a Kosdaq listing in late 2025, supported by its strong market position.

5. Market concentration is evident with Upbit holding 63% and Bithumb 33% of trading volumes, leaving smaller exchanges like Coinone at a disadvantage.