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Justin Sun "verbally" reported the group's third-quarter earnings, optimistic about the continued recovery in the first quarter of next year.

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Justin Sun "verbally" reported the group

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Did Huobi HTX Make Nearly a Billion USD in Q3 Earnings?

Justin Sun briefly described the group's third-quarter earnings on Twitter, with the group likely referring to businesses including Huobi HTX, the Poloniex exchange, and Tron's TRX blockchain.

  • Expenditure $104 million USD

  • Revenue $202 million USD

  • Profit $98 million USD

  • Quarterly growth of 14% compared to Q2

He noted the group's strategy of "increasing revenue, reducing costs" continues to be effective, and expects expenses to slightly decrease in the fourth quarter.

These figures do not include investment gains or losses, but Sun mentioned that the group invested in companies like Luckin Coffee, benefiting from significant gains in stock prices.

Justin Sun: Market Recovery to Continue into Q1

Justin Sun stated that Q3 was a challenging quarter, but despite the overall decline in the cryptocurrency industry's earnings, their group maintained revenue growth.

He is cautious about Q4 revenue, but also believes that the market recovery in Q4 will make the group's earnings worth looking forward to. He said:

We believe the harshest winter is behind us. With the backdrop of the upcoming Bitcoin ETF approval, the crypto market will see a recovery in Q4 and into Q1 next year. We have firm confidence in the continued improvement of overall financial indicators.

HTX experienced a hacking incident in Q3, and research firm Kaiko raised questions earlier this month about the correlation between HTX user USDT and the real-world asset project stUSDT.

Related News:

  • Huobi HTX Hacked for 5,000 ETH, Justin Sun: Nearly 8 Million Euros "Minor Loss" All Compensated, CZ Jokes: Wrong Name Change

  • Unusual Activity on Huobi (HTX) Raises Questions: Has User USDT Been Diverted to stUSDT?