Bithumb Reports 565.8% Net Profit Surge, $110M USD in 2024
2min read Bithumb, South Korea’s second-largest cryptocurrency exchange, has reported a significant turnaround in its financial performance, achieving an operating profit of $89 million USD for the fiscal year 2024. This marks a substantial recovery from an operating loss of $14.8 million in 2023. The exchange's net profit surged by 565.8%, reaching $110 million USD, while revenue more than tripled to $496.3 million USD compared to the previous year. This remarkable growth is attributed to the overall recovery of the virtual asset market and improved investor sentiment, as well as Bithumb’s proactive marketing campaigns and enhanced user benefits.
The cryptocurrency market has seen a resurgence in interest, with companies like microstrategy heavily investing in Bitcoin. This renewed interest has allowed bithumb to capitalize on the growing market trend, effectively attracting more users and increasing its revenue. The exchange’s strategic alignment with upcoming regulations and social responsibility initiatives has also played a crucial role in its success. Bithumb is preparing for the second phase of South Korea’s crypto regulations, expected to take full effect in early 2025. This includes substantial investments in robust internal compliance mechanisms, security on the platform, and Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. By prioritizing compliance, Bithumb aims to ensure long-term growth and sustainability in the crypto ecosystem.
Beyond its financial achievements, Bithumb is committed to social responsibility. The exchange has launched campaigns for financial education, providing education to retail users, especially the elderly, about responsible investment in cryptocurrencies. Additionally, Bithumb is involved in projects of digital inclusion, improving digital literacy and access to technology. The exchange also raises awareness about online security threats and best practices, promoting an ethical and sustainable industry. These initiatives not only strengthen the Bithumb brand but also help set a more sustainable path for the crypto ecosystem in the long run.
Bithumb’s success has allowed it to stand out in the competitive crypto landscape. Although Upbit still leads in overall profit, Bithumb has shown stronger percentage growth. The exchange’s strategy of entrenching stakeholders and gaining market share has proven effective, especially in the rapidly growing Korean crypto market. Bithumb’s vision for 2025 includes strengthening its leadership position and global coverage. The company plans to capitalize on market trends, partner with financial institutions worldwide, and launch compliant services that align with global regulators. Bithumb aims to advance the crypto industry through the three pillars of regulation, trust, and innovation, focusing on joint cooperation to drive service innovations and enhance convenience and accessibility through its partnership with kb Kookmin Bank.
Bithumb’s resurgence is a testament to the impact of strategic planning, regulatory compliance, and social responsibility. As the cryptocurrency market continues to mature, Bithumb is positioning itself as a flagship exchange leading the industry in regulated advancement of cryptocurrencies. The exchange’s commitment to compliance and social responsibility sets a strong foundation for its future growth and success in the crypto ecosystem.
Ask Aime: What is the key reason behind Bithumb's significant financial turnaround in 2024?
