- Bithumb recorded 250.2 billion won in sales representing a 458% increase from Q1 2020
- This quarter’s net profit equates to 222.5 billion won, marking a rise of 876% from the same period last year
- The primary cause of this growth is the surge in the nation’s cryptocurrency interest and transactions
Bithumb Holdings, the operator of the most influential Korean digital currency exchange Bithumb, was recently reported to have gained an absurd on-year surge in sales and net profit in its first-quarter earnings report. The data was disclosed in the financial results of the firm’s largest shareholder on Tuesday, revealed The Korea Herald.
Q1 2021 Earning Results
In Q1 2021, according to Vindente’s regulatory filings, Bithumb recorded 250.2 billion won ($220 million) in sales, which equates to an increment of around 458% from that of Q1 2020 reports. And its net profit adds up to 222.5 billion won, marking an upsurge of 876% from the same period last year.
Crypto Craze Drove Firm’s Growth
The primary driver of Bithumb’s nearly ninefold growth is believed to be the surge in cryptocurrency interest and transactions. The nation’s crypto craze reached such extensive heights that, at some point, the crypto transaction volume exceeded the combined volume of two major local stock markets, Kospi and Kosdaq.
Shares And Commissions
Vidente is a Kosdaq-listed broadcast monitor maker that holds 10.25% in the exchange Bithumb Korea and 34.22% in the operator Bithumb Holdings, which in turn controls the exchange with 76% ownership.
The 2014-founded South Korean exchange offers a 0.25% commission rate, which is higher than other crypto exchanges of the nation, including 0.2% Coinone, 0.15% Cobit, 0.05% Upbit, and others, reported Pulse news.
Best-Ever Results 2021
Assessing the Q1 results and investors’ frenzy for higher returns in digital coins, brokerages foresee Bithumb reporting the best-ever earnings this year.
Meanwhile, according to Yuanta Securities’ last month report, Korea’s largest cryptocurrency exchange by transaction volume made a profit of 472.1 billion won on the sales of 590 billion won.
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