Chinese language blockchain persona Justin Solar, who additionally serves because the de facto proprietor of crypto trade HTX (previously Huobi International), claims that the agency posted a revenue of $98 million in Q3 2023.

Based on the October 26 thread, Solar says that HTX generated a complete of $202 million in revenues through the quarter, which was offset by $104 million in bills, leaving a complete revenue of $98 million. For This autumn 2023, Solar initiatives that HTX will generate $190 million in income, together with $88 million in expenditure, for an estimated revenue of $104 million.

“Your complete third quarter was a extreme quarter for the {industry},” mentioned Solar, mentioning that the U.S. Federal Reserve’s excessive rates of interest led to an industry-wide decline in revenues. “However we nonetheless maintained the expansion fee of income. The general market recovered within the fourth quarter. We’re optimistic in regards to the fourth quarter. The income forecast continues to be comparatively conservative,” he added.

Wanting ahead, Solar believes that the nadir of the crypto bull market is almost over. “In This autumn this yr and Q1 subsequent yr, the crypto market will usher in spring restoration. Now we have agency confidence within the continued enchancment of total monetary indicators,” he wrote.

Regardless of Solar’s outlook, not all has been properly with HTX’s operations. In the course of the Token2049 occasion in Singapore final month, Edward Chen, managing director of HTX Ventures, revealed in a panel that the trade has decreased its employees rely from 2,500 early this yr to 900. In January, the trade allegedly crushed an worker revolt after many employees salaries have been reduce and bonuses removed resulting from falling revenues.