Fueled by crypto rally… Bithumb's Q3 net profit 'increases 34-fold'

Korea Economic Daily

Summary

Bithumb said that, as of Q3, net profit increased 34-fold year-on-year.
During the same period, revenue and operating profit also rose by 184.4%% and 771.1%%, respectively.
It said these results were driven by external tailwinds such as the passage of U.S. stablecoin legislation, the Ethereum rally, and a cut in the benchmark interest rate.

South Korea's No. 2 KRW-market cryptocurrency exchange Bithumb posted Q3 net profit that was 3,300% year-on-year, a whopping 34-fold increase.

According to the Financial Supervisory Service's electronic disclosure on the 14th, Bithumb's Q3 net income this year totaled 105.4 billion won. During the same period, revenue was 196.0 billion won and operating profit was 70.1 billion won, increasing year-on-year by 184.4% and 771.1%, respectively.

Cumulative Q3 revenue was 525.2 billion won, operating profit 160.2 billion won, and net income 160.5 billion won, up 68%, 54%, and 51% respectively from the same period last year.

Bithumb said that, as of Q3, trading volume increased significantly amid external tailwinds such as the passage of U.S. legislation related to stablecoins, an Ethereum rally, and a cut in U.S. benchmark interest rates.

A Bithumb representative said, "The Q3 results were effective because of a management strategy that prioritized user trust even amid market volatility," adding, "We plan to continue to enhance market trust in difficult market conditions through innovation and stable system operation."

Reporter Minjae Lee tobemj@wowtv.co.kr