Bithumb's revenue and operating profit for the third quarter of this year came in at 196 billion won and 70.1 billion won, respectively, marking a sharp improvement from a year earlier. The gains are attributed to a surge in virtual asset prices and increased trading volume amid moves toward institutionalization, including the passage of a U.S. stablecoin bill in the third quarter.
According to the Financial Supervisory Service's electronic disclosure system on the 14th, Bithumb's operating revenue (sales) for the third quarter of this year rose 184% year over year to 196 billion won. Operating profit jumped 771% from 8 billion won in the third quarter of last year to 70.1 billion won. In one year, operating profit soared more than eightfold.
Bithumb cited increased transaction volume from a recovering virtual asset market as a driver of its stronger third-quarter results. In the third quarter, the passage of the U.S. stablecoin bill "Genius Act," Ethereum (ETH) hitting a record high, and a U.S. base rate cut, among other factors, boosted trading value, leading to better trading profit than last year.
A Bithumb official said, "In the fourth quarter of this year, despite challenging market conditions, we will enhance market trust through user-centered innovation and stable system operations."