Catenaa, Sunday, April 06, 2025-South Korean crypto exchange Bithumb reported a $110 million net profit for 2024, marking a five-fold increase from the previous year. The surge comes amid a strong crypto market and growing institutional adoption in the U.S.
According to local media reports, Bithumb’s sales nearly tripled as bitcoin prices soared. The profit jump follows years of challenges, including multiple security breaches, allegations of market manipulation, and tax investigations. The exchange was also implicated in an embezzlement scandal tied to its former leadership.
Despite past controversies, Bithumb has worked to rebuild trust, securing partnerships with financial institutions like Kookmin Bank. It now aims to go public in the second half of 2025, with a potential Nasdaq listing on the table.
South Korea’s largest exchange, Upbit, also posted strong earnings, reporting a net profit of $671 million in 2024, an 85% year-over-year increase.
Bithumb’s financial rebound signals renewed investor confidence in the exchange and South Korea’s crypto sector.
