According to a statement by Tron co-founder Justin Sun, HTX (formerly known as Huobi) recorded a net profit of $98 million during the period of July-September.
This positive financial performance is attributed to Sun’s involvement in managing the exchange.
HTX and its affiliated companies generated a revenue of $202 million during this period, with expenses amounting to $104 million.
Sun projects a conservative estimate of $190 million in revenue and $88 million in expenses for the upcoming months of October-December, resulting in a net profit of $104 million.
Sun believes that the market will experience a recovery in the upcoming months, which will further improve the financial performance of HTX.
However, the platform has faced losses in the previous four quarters, leading to the need for cost optimization in areas such as marketing, advertising, and salaries.
In August 2023, HTX faced a decline in funds due to rumors of insolvency, resulting in a decrease of approximately $54 million in blocked assets.
Sun had previously shared details about the rebranding of HTX. It was reported in November 2022 that HTX and Poloniex, which Sun acquired with a group of investors in 2019, could potentially merge.
