Bithumb, a leading cryptocurrency exchange in South Korea, has reported an operating loss of 14.9 billion won (~$11 million) for the fiscal year 2023. This decline is attributed to a 58% drop in revenue and the implementation of a fee-free policy in the fourth quarter.

According to reports, Bithumb’s annual revenue for 2023 stood at 135.8 billion won (~$100.6 million), marking a significant decrease compared to the previous year. The exchange also saw a 75% decrease in net profit, amounting to 24.3 billion won (~$18 million).

One of the contributing factors to the revenue decline was the challenges posed by the crypto winter, which led to reduced trading volumes. Additionally, the introduction of a fee-free policy in Q4 2023 aimed at boosting trading volumes also impacted the revenue.

Despite the financial challenges, Bithumb remains focused on maintaining stability, especially as it plans to go public in the second half of 2025 on South Korea’s KOSDAQ stock exchange. This decision is seen as a move to enhance investor confidence amidst fierce competition in the local market.

With its main rival Upbit also making strategic moves to increase market share, Bithumb is determined to stay competitive in the evolving cryptocurrency landscape.

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