Bithumb triples its revenue in 2024: 130.7 billion won in profit thanks to the cryptocurrency boom in South Korea

Bithumb, one of the main South Korean cryptocurrency exchanges, announced an operating profit of 130.7 billion won for the fiscal year 2024, equivalent to about 97 million dollars, marking a return to profitability after a 2023 closed in loss. The annual revenue reached 430 billion won, recording a growth of 265% compared to the previous year. The results, released on March 31, 2025, confirm the positive impact of the crypto market recovery and the strengthening of the company’s internal strategies.

The performance came in a favorable economic context, characterized by renewed investor confidence and greater regulatory clarity. Bithumb seized the opportunity to relaunch its leadership by focusing on innovation, compliance with emerging regulations, and management oriented towards sustainability.

Bithumb: growth of the crypto market and regained confidence

After the decline of 2022-2023, 2024 marked a turning point for the entire cryptocurrency sector in South Korea. The overall transaction volume stabilized at high levels, supported by the rise of assets like Bitcoin and Ethereum and by stronger macroeconomic dynamics. The sector also benefited from the so-called “phase one” of the regulatory framework on digital assets, which established a clearer set of rules for operators.

In this context, investor confidence has increased significantly, leading to a recovery in trading activity. Bithumb has intercepted this trend with a broader offering and optimized services, strengthening its market share compared to competitors like Upbit and Coinone.

Alignment with the new regulatory framework

One of the key factors for the success of the exchange Bithumb in 2024 was the strategic alignment with the future regulation on crypto-assets, expected in the “phase two” of the regulatory process, which will come into effect in the early months of 2025. The company has allocated a significant portion of its revenues to investments in:

• Internal compliance structures
• Improvement of the security of digital platforms
• Independent audits and advanced KYC-AML procedures

In parallel, it is developing new tokenized financial products and services dedicated to institutional clients, in anticipation of the arrival of regulated funds in the sector.

Internal strategies and social responsibility

In addition to the favorable external context, Bithumb has initiated a deep operational restructuring to consolidate its position. Among the main initiatives adopted:

• Cost optimization and digitization of processes
• Internal training for staff and review of management policies
• Financial education campaigns aimed at retail users and the elderly
• Digital inclusion projects and cybersecurity awareness

The combined approach between technological innovation and social responsibility allows Bithumb to prepare not only for the regulatory transition, but also for future international expansion.

Comparison with competitors: Bithumb accelerates in the market

According to the preliminary data published by the Financial Supervisory Service (FSS), Bithumb’s profit surpassed that of other local operators. Upbit, for example, recorded higher profits but a lower percentage growth, while Coinone maintained stable performance without the same growth peak.

The data that stands out is the triplicazione del fatturato compared to 2023: a variation of +265% that positions Bithumb as one of the fastest-growing Korean crypto companies on a year-on-year basis.

Outlook for 2025

The year 2025 is shaping up to be a crucial year for the sector, with the full regulations from Seoul coming into effect. Bithumb has stated its intention to:

• Consolidate the leadership in the bull market
• Expand international collaborations with financial entities
• Launch services compliant with global regulatory standards

The synergy between regulation, trust, and innovation represents the pillar of Bithumb’s strategic model for the coming year. In this scenario, the company aims to lead the sector’s transition towards greater transparency, security, and operational stability.

Conclusions

With an operating profit of over 130 billion won and record revenue growth compared to 2023, Bithumb has largely shaken off past difficulties, positioning itself as a driver of the crypto renaissance in South Korea. The integration of innovative governance, compliance with new regulations, and attention to social responsibility has allowed the company to regain trust and differentiate itself in the competitive landscape.

The success of Bithumb in 2024 is not only a reflection of the market recovery, but also the result of targeted strategic decisions, investments in compliance, and a well-defined long-term vision. If the trend continues, Bithumb will establish itself as a central player in the regulated evolution of cryptocurrencies at the national level and, potentially, also internationally.