Based on the results of July-September, HTX (formerly Huobi) received a net profit of $98 million. This was reported by Tron co-founder Justin Sun, who is credited with control of the Bitcoin exchange.
— HE Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023
According to the results of July-September, the revenue of HTX and related companies amounted to $202 million, expenses – $104 million. In October-December, Sun “conservatively” expects $190 million and $88 million, respectively, which will allow a net profit of $104 million.
Over the previous four quarters, the platform recorded losses, which required optimization of marketing, advertising and salary costs.
In August 2023, the exchange experienced an outflow of funds amid rumors of insolvency – as a result, the total value of blocked assets decreased by almost $54 million.
Sun previously revealed details of the HTX rebranding.
In November 2022, the media reported on the possible merger of Huobi with Poloniex, which Sun and a group of investors bought in 2019.
The entrepreneur denied the rumors, but did not rule out similar developments in the future. The platforms have established a strategic partnership.
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.