Exodus' Q3 net profit increased more than 20 times, with Bitcoin revenue accounting for over 60%.
according to Decrypt, the New York Stock Exchange-listed company Exodus Movement announced strong growth in third-quarter performance, with revenue increasing by 51% year-on-year to $30.3 million, and net profit soaring from $800,000 in the same period last year to $17 million.
In the third quarter, Exodus' exchange provider trading volume reached $1.75 billion, an 82% increase year-on-year. The company's Chief Financial Officer James Gernetzke stated that 60% to 65% of monthly revenue is paid in Bitcoin form, paid by third-party liquidity providers that handle user transactions.
As of the end of the quarter, Exodus held 2,123 BTC, 2,770 ETH, and $50.8 million in cash, USDC, and government bonds, with a total value of digital and liquid assets of $314.7 million. Exodus also announced the acquisition of the Latin American stablecoin payment platform Grateful to expand its payment capabilities and support growth plans in emerging markets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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