Korea-based virtual asset exchange Bithumb said its operating profit for the first quarter was 2.9 billion won, down 95.8% from a year earlier.

According to the Financial Supervisory Service's electronic disclosure system on the 15th, Bithumb's first-quarter revenue was 82.5 billion won, down 57.6% from a year earlier. Net income swung to a loss of 86.9 billion won in the first quarter from 33 billion won in the first quarter last year.

Prices of Bitcoin and other virtual assets appear on the electronic board at the Bithumb customer center in Gangnam District, Seoul./Courtesy of News1

Bithumb said the earnings decline was due to a sharp drop in virtual asset transaction value as investor sentiment weakened amid factors including ◇ instability in the Middle East region and ▲ pressure from rising interest rates.

A Bithumb official said, "While preparing for a market rebound, we will strengthen our fundamentals and enhance service competitiveness to establish a foundation for sustainable growth."

※ This article has been translated by AI. Share your feedback here.