Crypto exchange Huobi generated $150 million in revenue versus $120 million in expenses during the first quarter of 2023, Tron founder Justin Sun has announced.
Net income came in at $30 million, while Sun predicted this figure would rise to $110 million in April-June.
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He has said:
"In the first quarter, a lot of measures were taken to reduce costs and improve efficiency."
In the fall of 2022, the platform agreed to sell a majority stake in Hong Kong-based investment firm About Capital Management and announced a rebranding.
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Sun was the ultimate beneficiary of the purchase, according to press reports. The entrepreneur refuted these statements and explained he became a member of the platform's advisory board. In addition, he admitted to being one of the main holders of HT tokens.
Last April 1, Sun denied the information about the sale of a stake in Huobi.