untitled design

Justin Sun: HTX’s quarterly profit was $98 million

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.

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.

“In the fourth and first quarters of next, the market will enter a spring recovery. We are firmly confident in further improvement of financial performance,” he explained.

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.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular