Bithumb Sees Dramatic Turnaround with $89 Million Operating Profit in 2024 Amid Growing Crypto Adoption in South Korea
The post Bithumb Sees Dramatic Turnaround with $89 Million Operating Profit in 2024 Amid Growing Crypto Adoption in South Korea appeared on BitcoinEthereumNews.com.
South Korea’s second-largest cryptocurrency exchange, Bithumb, has turned around impressively during 2024, and it now finds itself in the black, with operating profits of $89 million and a reported net profit of $110 million. Just last year, in 2023, the exchange suffered a gigantic operating loss, so the profits this year mark an increase of more than half a billion dollars. South Korea’s second largest cryptocurrency Bithumb showed that its operating profit turned into a surplus last year, reaching $89 million. Bithumb’s operating loss in 2023 was 14.8 billion won, and its net profit last year was 110 million US dollars, an increase of 565.8% over… https://t.co/VeYtT9mxih — Wu Blockchain (@WuBlockchain) March 31, 2025 Those profits have cryptography aficionados curious about what’s happening at Bithumb and in the South Korean virtual asset market in general. Bithumb’s Financial Resurgence In 2023, Bithumb had a troublesome year and presented an operating loss of 14.8 billion South Korean won. The company was in trouble, but it was part of a broadly downward-moving market for cryptocurrency firms, which had been under pressure from regulators and seen trading volume drop. Even in the midst of this turmoil, Bithumb undertook some restructuring and tried to run the firm with a little more efficiency and a little more focus on some key strategic initiatives. As a result of these efforts, the firm turned a significant profit in 2024 and presented an operating profit of $89 million. This is a significant turnaround and marks Bithumb’s resilience amid the tough conditions facing the cryptocurrency industry. The net profit of $110 million illustrates just how much the exchange has recovered, amid the growth of its user base and trading activities. In no way does this reflect a downtrend in the cryptocurrency market. This was an extremely difficult year for many…
Filed under: News - @ March 31, 2025 5:25 pm