Huobi Returns To Profit In Q1
According to an April 10 tweet by Justin Sun — the de facto owner of cryptocurrency exchange Huobi Global — Huobi saw $150 million in revenue during Q1 2023 compared with $120 million in expenditures, resulting in a net income of $30 million. Sun said that “a large number of measures were taken to reduce costs and increase efficiency” during the quarter. For Q2 2023, he projected the exchange will bring $187 million in revenue and $76 million in expenses, with a net income of $110 million.
Huobi was one of the largest cryptocurrency exchanges by volume until the off-boarding of its mainland Chinese users began in 2021. Its market share subsequently fell from 19% in 2020 to an estimated 2.2% in Q4 2022. Sun, who claims to be an “adviser” at Huobi Global, reportedly purchased 100% of the exchange’s stake from its co-founders in November 2022 through his entity About Capital.
(With inputs from Shikha Singh)
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