Bithumb posts 57% annual loss soon after delayed IPO

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The financial loss comes days after reports of Bithumb facing potential internal issues that led to the delay of its planned IPO.

Bithumb Korea, the operator of the South Korean cryptocurrency exchange Bithumb, posted a 57% loss in annual revenue for the fiscal year of 2023.

The Seoul-based exchange’s annual sales revenue fell 57.6% to 1.358 billion Korean won in 2023, down from 3.201 billion won in 2022, according to an April 2 report from Korean news outlet Newdaily.

Net profit fell 74.5% to 243 billion won in 2023, from 954 billion won a year prior, but remained in a surplus for the fourth consecutive year.

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