Bithumb Reports Q1 Net Profit of 222.6 Billion KRW, Up 876% Year-on-Year

[Asia Economy Reporter Yoo Hyun-seok] The net profit of Bithumb Korea, the operator of the cryptocurrency exchange Bithumb, surged nearly 900% compared to a year ago in the first quarter of this year.

According to the quarterly report of Bident, a shareholder of Bithumb Korea, on the 17th, Bithumb Korea's net profit based on the Korean International Financial Reporting Standards (K-IFRS) converted financial statements for the first quarter was 222.55 billion KRW.

This is an 876% increase from the net profit of 22.8 billion KRW in the first quarter of last year. During the same period, Bithumb Korea's sales rose 458%, from 44.84 billion KRW to 250.2 billion KRW.

Bident holds a 10.25% stake in Bithumb Korea and a 34.22% stake in Bithumb Holdings, the holding company of Bithumb Korea. Bithumb Holdings is the largest shareholder of Bithumb Korea, with a 76% stake. Bident is the largest single corporate shareholder of Bithumb.

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