Justin Sun reports HTX quarterly profit of $98 million

For July–September, HTX (formerly Huobi) posted net profit of $98 million. TRON co-founder Justin Sun, who is credited with control over the Bitcoin exchange, announced the result.

The third quarter has ended; Q3 actual revenue was $202 million, expenses $104 million, profit $98 million, QoQ up 14%, with group revenue growth and cost-cutting measures continuing to take effect. Q4 revenue is forecast at $190 million, expenses $88 million, profit $104 million. https://t.co/8cBsL4v7vn

— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023

HTX and related entities posted $202 million in revenue for July–September, with costs of $104 million. In October–December Sun is conservatively expecting $190 million and $88 million respectively, which would yield a net profit of $104 million.

‘In the fourth and in the first quarter of the next year the market will enter a spring recovery. We are firmly confident in further improvement of financial metrics.’ he explained.

Over the preceding four quarters the platform recorded losses, which required trimming spending on marketing, advertising and salaries.

In August 2023 the exchange faced an outflow of funds amid rumours of insolvency — as a result, the total value of blocked assets fell by almost $54 million.

Earlier Sun disclosed details of HTX rebranding.

In November 2022, media reported a possible merger between Huobi and Poloniex, which Sun with a group of investors bought in 2019.

Entrepreneur denied rumors, but did not rule out such a development in the future. The platforms established a strategic partnership.