Upbit Dependency Clouds Kbank’s IPO Prospects as Fee Revenue Weakens

Exclusive Upbit partnership expiration in October heightens dilution fears and tests KBank’s reliance on fee-based income.

Rich by Coin

2026-02-24

Concerns center on potential share dilution by major shareholders and the bank’s heavy dependence on Korea’s largest cryptocurrency exchange, Upbit, whose exclusive partnership with KBank expires in October. Fee-based income — a key pillar of non-interest revenue — remains weak, with around 35 percent generated through its partnership with Upbit and its operator Dunamu.

The expiration heightens dilution fears and tests KBank’s reliance on fee-based income. With Upbit as the anchor, the bank faces pressure to diversify non-interest revenue as the deal winds down and its fee stream faces expiration.

Analysts say the outcome could influence KBank’s IPO prospects, as investors weigh revenue concentration against growth potential. Any dilution risk adds a layer of scrutiny to KBank’s valuation and strategic plan.