Justin Sun Confirms HTX Made $98 Million Profit in Q3 2023

HTX crypto exchange reported a $98 million profit in Q3 2023, with optimism for market recovery despite recent workforce reductions.

Justin Sun, a key figure in the Chinese blockchain business and the person in charge of the crypto exchange HTX (previously known as Huobi Global), recently stated that the company had a $98 million profit in the third quarter of 2023.

According to the post on October 26, Sun reports that HTX earned a total of $202 million during that quarter. However, after accounting for other expenses totaling $104 million, the company’s net profit was $98 million.

Sun forecasts $190 million in revenue for Q4 2023, with expenses of $88 million, for a profit of $104 million. He believes that the worst of the Bitcoin bull market’s downturn is nearing an end. He predicts that the crypto market will begin to recover and improve in the fourth quarter of this year and the first quarter of the following year. He is optimistic about the overall financial performance improving.

Despite Sun’s optimistic view, HTX’s operations have encountered several difficulties. Edward Chen, managing director of HTX Ventures, stated in a talk at the Token2049 event in Singapore last month that the exchange had considerably decreased its workforce. The workforce has shrunk from 2,500 at the start of the year to 900 currently.

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