Chinese blockchain personality Justin Sun, who also serves as the de facto owner of crypto exchange HTX (formerly Huobi Global), claims that the firm, along with a group of related companies, posted a profit of $98 million in Q3 2023.

According to the Oct. 26 thread, Sun said that HTX and related companies generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. For Q4 2023, Sun projects that HTX and associated firms will generate $190 million in revenue, along with $88 million in expenditures, for an estimated profit of $104 million.

“The entire third quarter was a severe quarter for the industry,” said Sun, mentioning that the United States Federal Reserve’s high interest rates led to an industry-wide decline in revenues. “But we still maintained the growth rate of revenue. The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative,” he added.

Looking forward, Sun believes that the crypto bear market is nearly over. “In Q4 this year and Q1 next year, the crypto market will usher in spring recovery. We have firm confidence in the continued improvement of overall financial indicators,” he wrote.

Despite Sun’s outlook, not all has been well with HTX’s exchange operations. During the Token2049 event in Singapore last month, Edward Chen, managing director of HTX Ventures, revealed in a panel that the exchange has reduced its staff count from 2,500 early this year to 900. In January, the exchange allegedly crushed an employee revolt after many staff salaries were cut and bonuses removed due to falling revenues.

三季度结束了，三季度实际收入为2.02亿美元，支出为1.04亿美元，盈利为9800万美元，环比增长14%，集团增收降本措施持续见效。四季度预测收入为1.9亿美元，支出8800万美元，盈利为1.04亿美元。 https://t.co/8cBsL4v7vn

— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023

Update 9:25AM UTC: This article has been updated to reflect that Sun's post addressed all companies operating under the HTX banner, and not just the HTX exchange.