Chinese blockchain personality Justin Sun, who also serves as the de facto owner of crypto exchange HTX (formerly Huobi Global), claims that the firm posted a profit of $98 million in Q3 2023.
According to a tweet by Sun on October 26, HTX generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. Sun projects that for Q4 2023, HTX will generate $190 million in revenue, along with $88 million in expenditure, for an estimated profit of $104 million.
“The entire third quarter was a severe quarter for the industry,” said Sun, acknowledging the impact of the U.S. Federal Reserve’s high interest rates on the decline in revenues across the industry. However, Sun emphasized that HTX was able to maintain its revenue growth rate. He expressed optimism about the fourth quarter, stating, “The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative.”
Sun believes that the crypto bull market is nearing its nadir and anticipates a spring recovery in Q4 2023 and Q1 2024. He expressed confidence in the continued improvement of overall financial indicators.
However, HTX has faced challenges in its operations. During the Token2049 event in Singapore last month, Edward Chen, managing director of HTX Ventures, revealed in a panel discussion that the exchange had reduced its staff count from 2,500 earlier this year to 900. This downsizing was a result of falling revenues, which led to salary cuts and the removal of bonuses for many employees.
Despite these challenges, Sun remains optimistic about HTX’s future performance and the overall crypto market.
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