Huobi Global’s Q1 Revenue Reaches $150 Million
- In the first quarter, Huobi Global earns $150 million in revenue and $30 million in profit.
- Huobi’s revenue is expected to be $187 million, with costs of $76 million in the second quarter, according to Justin Sun.
- Previously, the exchange had obtained a license in Hong Kong.
Huobi Global made significant strides earlier this year, with sales of more than $150 million in the first quarter.
Despite various challenges after the collapse of the crypto exchange FTX, the exchange makes a profit of $30 million in the first quarter, according to Tron creator Justin Sun and Huobi Global adviser Justin Sun on Monday.
Sun stated in a tweet on April 10 that Huobi made $150 million in revenue in the first quarter. The first-quarter expenditure was $120 million.
He expects Huobi’s revenue to be $187 million and its expenses to be $76 million in the second quarter. As a result, its quarterly profit almost quadrupled to $111 million in Q2. In the first quarter, the exchange implemented a slew of cost-cutting and efficiency-boosting initiatives. The trading platform industry was undergoing consolidation.
The move coincides with Justin Sun’s efforts to get a virtual asset service provider license for the exchange in Hong Kong. Despite Justin Sun’s acquisition, trade volume on Huobi continues to fall.
The US Securities and Exchange Commission (SEC) filed a complaint against Justin Sun on March 22 for allegedly breaking securities laws. He is also charged with breaking anti-fraud and market manipulation laws. Nonetheless, he claims the action lacks merit and criticizes the SEC for failing to implement clear regulatory regulations and transparent guidelines.
According to previous reports, Tron creator Justin Sun is in talks to sell part of his interest in the cryptocurrency exchange Huobi Global. Meanwhile, Binance is said to have turned down an offer to buy out Justin Sun’s ownership position in Huobi. He has, however, rejected any talks about selling a share in Huobi Global.
As Coincu reported, Sun said that the SEC vs. TRON litigation has no impact on TRON’s operations or Huobi’s expansion goals. This is the first official comment on TRON and Huobi’s predicament after he was accused of unlawfully trading securities using TRX and BTT.
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