Bithumb Records 2.9 Billion Won in Q1 Operating Profit, Down 95.8% Year-on-Year

Bithumb, the virtual asset exchange, announced on the 15th that it recorded revenue of 82.5 billion won and operating profit of 2.9 billion won in the first quarter of this year. These figures represent a decrease of 57.6% and 95.8%, respectively, compared to the same period last year. Net income turned from a profit of 33 billion won to a loss of 86.9 billion won.

Bithumb explained, "The company was hit by a combination of global economic uncertainty and a slump in the virtual asset market." They cited prolonged investor sentiment weakness due to instability in the Middle East and rising interest rate pressures, along with a sharp decline in virtual asset trading volume, as major factors. The company also added, "Significant non-operating expenses, such as impairment losses on virtual assets and costs associated with administrative sanctions by authorities, were reflected, resulting in the net income turning to a loss."

A Bithumb representative stated, "To prepare for a market rebound, we will strengthen our fundamentals while enhancing our service competitiveness to establish a foundation for sustainable growth."

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