# Profit Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Profit", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

South Korean Crypto Exchange Revenue Halved: Even the Most Profitable Business Can't Escape the Ebb of Liquidity

The revenues of South Korea's two largest cryptocurrency exchanges, Dunamu (parent company of Upbit) and Bithumb, were nearly halved in the first half of 2026. Dunamu's consolidated revenue fell 49.1% to 408.1 billion KRW, with operating profit plunging 79.7%. Bithumb's revenue dropped 48.7% to 168.8 billion KRW, turning from a net profit to a net loss of 108.7 billion KRW. The synchronized revenue crash is attributed to a 49.5% year-over-year decline in trading volume across South Korea's five licensed KRW exchanges. Both companies remain heavily reliant on transaction fees (Upbit 97%, Bithumb nearly 100%), making them highly vulnerable to market cycles. Their profitability diverged due to differences in cost control and one-time factors like asset impairment losses for Bithumb. A key driver of the trading slump is a shift in Korean retail capital from cryptocurrencies to AI and semiconductor stocks like Samsung Electronics and SK Hynix. Additionally, the upcoming 22% capital gains tax on crypto assets effective 2027 may be dampening investor sentiment. Despite the downturn, both firms are pursuing IPOs. Dunamu is collaborating with Naver Financial, aiming to diversify beyond trading and transform into a broader fintech platform. Bithumb, with its three-phase IPO roadmap targeting 2028, faces significant valuation pressure due to its current losses and low single-digit operating margin. The financials underscore a fundamental question: are crypto exchanges cyclical brokerages or stable infrastructure platforms? Their extreme profit volatility—Dunamu's operating margin collapsed from 88% in 2021 to 14% in Q2 2026—mirrors traditional finance's boom-and-bust cycles. The core challenge for their public listings is convincing investors that their business models can withstand the next market downturn without catastrophic profit erosion.

marsbit08/18 06:26

South Korean Crypto Exchange Revenue Halved: Even the Most Profitable Business Can't Escape the Ebb of Liquidity

marsbit08/18 06:26

Tencent Reaps a Paper Profit of 50 Billion

A decade ago, China held no share in the global DRAM market. Today, Changxin Technology, after listing on the STAR Market, has become the most valuable A-share company. Its landmark IPO has generated historic returns for investors. Among them, Tencent, which invested approximately 2 billion RMB in 2022 through its entity Beijing Fengyi, now holds an estimated paper gain of around 50 billion RMB based on Changxin's current market valuation of approximately 4 trillion RMB. Alibaba also made significant bets. Its affiliates invested a total of roughly 7.6 billion RMB across two funding rounds in 2022 and 2025. Their combined stake is now worth an estimated 170 billion RMB—a paper profit surpassing Alibaba's entire net profit for fiscal year 2026. The shareholder registry reveals a who's who of Chinese capital. Major state-backed funds like the National Integrated Circuit Industry Investment Fund (Big Fund II) and Anhui provincial capital hold stakes worth hundreds of billions. Early and crucial support came from the Hefei municipal government, which played a foundational role in the company's establishment and growth. Strategic industrial investor GigaDevice, under the same leadership as Changxin, invested about 2.3 billion RMB, now worth roughly 53 billion. Home appliance giant Midea's 1 billion RMB investment has ballooned to an estimated 22 billion RMB. Virtually all major domestic financial institutions, venture capital, and private equity firms participated. However, the story also includes a notable exit: Country Garden's venture arm sold its stake for 2 billion RMB in late 2024 to address its own liquidity crisis. Those shares would be worth approximately 44 billion RMB at the IPO price, highlighting a stark contrast in timing between the downturn of the real estate cycle and the rise of the semiconductor sector.

marsbit08/17 12:25

Tencent Reaps a Paper Profit of 50 Billion

marsbit08/17 12:25

Burning Through Billions, Market Cap Evaporates 200 Billion: SenseTime Suddenly Turns a Profit

Chinese AI giant SenseTime, once a star in the AI "Four Dragons," recently projected its first-ever profit for H1 2026, sparking a temporary stock surge. However, its current market cap of ~HK$64.6 billion remains over 80% below its peak of ~HK$300 billion in early 2022. The article analyzes SenseTime's dramatic fall from grace. It excelled in the "AI 1.0" era, dominating computer vision for applications like facial recognition and smart cities. However, it was disrupted by the "AI 2.0" generative AI revolution led by ChatGPT, which shifted focus from recognition to creation. Compounded by US sanctions, the death of its founder, a short-seller report, and a decline in its core smart city business, the company faced a perfect storm. Its workforce was cut by nearly 60%. To survive, SenseTime pivoted, actively "killing" its old self. It transitioned from project-based solutions to a generative AI and visual AI dual-engine model. Now, over 70% of its revenue comes from large language models, a more scalable, subscription-like business. Cost-control measures on expensive model training have also contributed to its path to profitability. Yet, significant challenges remain. The current AI race is an ecosystem battle dominated by giants like Microsoft/OpenAI, Google, and Chinese tech firms with integrated clouds, apps, and vast user bases. SenseTime, as an independent AI company, lacks such a super app or traffic gateway. The key question is whether it can build a sustainable moat based solely on model capability and industry deployment in this new competitive landscape.

marsbit08/17 12:21

Burning Through Billions, Market Cap Evaporates 200 Billion: SenseTime Suddenly Turns a Profit

marsbit08/17 12:21

Shanghai Sees a Semiconductor Equipment IPO Emerge, Led by Former Grace Semiconductor Employee

A Shanghai-based semiconductor equipment company, Mifee Technology, has filed for an IPO on the Shanghai Stock Exchange's STAR Market. The company specializes in developing and manufacturing Automatic Material Handling Systems (AMHS), a core automation system in semiconductor wafer fabrication that directly impacts production efficiency and yield. Mifee is one of the few domestic Chinese companies with proprietary AMHS technology, offering both hardware and software systems. While the global AMHS market is dominated by Japanese giants like Daifuku and Murata Machinery, which hold approximately 90% market share, Mifee has captured about 1.6% globally. The company's revenue has grown significantly, reaching 393 million yuan in 2025, and it achieved profitability that year with a net income of 60.45 million yuan, following losses in 2023 and 2024. Its revenue streams include sales of individual AMHS equipment and complete factory AMHS projects, with the latter starting to contribute revenue from 2024. The company faces risks including high customer concentration, with its top five clients accounting for over 90% of revenue in 2025, and significant fluctuations in gross margin, which was 48.97% in 2025 after dropping to 24.67% in 2024. Mifee is controlled by an 80s-born couple, Chairman/CEO Feng Miao and Deputy General Manager Na Ke, who previously worked at Shanghai Grace Semiconductor Manufacturing Co. The company plans to raise approximately 1.191 billion yuan from its IPO to fund production, R&D, overseas expansion, and working capital.

marsbit08/17 12:21

Shanghai Sees a Semiconductor Equipment IPO Emerge, Led by Former Grace Semiconductor Employee

marsbit08/17 12:21

Trader Invested $120 in Memecoin NiuLai and Made a $205,000 Profit

A cryptocurrency trader turned a $120 investment into $205,000 by betting on the BNB Chain memecoin NiuLai. The trader purchased 19.1 million NiuLai tokens for $120 and later sold 9.1 million for $25,900, while holding onto 10 million tokens valued at approximately $180,200. This resulted in a total realized and unrealized profit of $205,800, an 822x return on the initial investment. Blockchain data indicates the trader entered the position when the token's market cap was only $6,270. Driven by online hype, NiuLai's market capitalization surged into the tens of millions. The memecoin, whose name translates to "The Bull is Coming," is inspired by a low-budget Chinese animated film that gained popularity through social media memes. The token's market cap briefly peaked at $29 million before experiencing a sharp decline, with early buyers like this trader securing massive profits.

cryptonews.ru08/17 05:43

Trader Invested $120 in Memecoin NiuLai and Made a $205,000 Profit

cryptonews.ru08/17 05:43

While Bitcoin (BTC) was falling, major investors were not inactive; they were shifting their positions: here are the altcoins they traded...

While Bitcoin (BTC) fell by 1.4% to around $62,000, impacting major altcoins like Ethereum and XRP, large investors remained active. According to data from Lookonchain, one major investor (address 0x117f) opened a long position and staked a significant amount of the altcoin $ASTER. Another (address 19pFLW) purchased an additional 300 BTC, bringing their total to 1,120 BTC. A different investor conducted a large sale of the altcoin $HYPE, reducing their holdings. Finally, a prominent BTC network "bear" (address 0x66f8) closed a $136 million short position for a $1.65 million profit and then opened a new long position on Bitcoin with 40x leverage.

cryptonews.ru08/14 13:45

While Bitcoin (BTC) was falling, major investors were not inactive; they were shifting their positions: here are the altcoins they traded...

cryptonews.ru08/14 13:45

Figure reports a lending market volume of $4,300,000,000 billion, and profit nearly triples

Figure Technology Solutions reported that its consumer lending market volume reached $4.3 billion in the second quarter, a 132% year-over-year increase. The company's quarterly profit nearly tripled. Net profit surged 192% to $87 million from approximately $30 million a year earlier. Net revenue more than doubled to $226 million, and net profitability rose by 10.5 percentage points to 38.8%. The market volume includes home equity lines of credit, debt service coverage ratio loans, and consumer loans originated through its system, as well as third-party loans traded on Figure Connect. The latter accounted for $2.8 billion, or 65% of the total quarterly volume. The market, launched in June 2024, saw its volume grow 262% compared to the same period last year. The company added 102 lending partners in the quarter, bringing the total to 489. CEO Michael Tannenbaum stated that weekly loan applications exceeded $1 billion in July. The company forecasts Q3 consumer lending market volume to be between $4.8 billion and $5.2 billion. Analysts from Bernstein had predicted a record Q2 for Figure in May, citing real-time blockchain data they believe will allow investors to increasingly track the company's lending activity.

cryptonews.ru08/14 11:14

Figure reports a lending market volume of $4,300,000,000 billion, and profit nearly triples

cryptonews.ru08/14 11:14

Tether Undergoes Its First Full Independent Audit

Tether has received its first full, independent audit, conducted by KPMG US on its annual financial statements for 2025. The audit confirmed that Tether's reserves exceed its liabilities by $6.814 billion, providing a clean opinion that the financial reports are accurate according to U.S. accounting standards. This full audit, which examined annual transactions, internal controls, asset ownership, and valuation methods, goes beyond the company's previous quarterly attestations. Auditors notably physically verified the gold reserves backing the Tether Gold ($XAUt) token. The company reported a net profit exceeding $10 billion for 2025, primarily from U.S. Treasury investments. Its flagship stablecoin, USDT, maintains market dominance with a capitalization of approximately $183 billion, accounting for about 61% of the total stablecoin market. Tether is diversifying its business, investing profits into ventures like a Brazilian crypto platform, an Argentine neobank, and an AI sleep technology firm, while ruling out an IPO for now. This audit addresses long-standing scrutiny over Tether's reserve claims, such as a 2021 CFTC fine for misleading statements. However, it provides a snapshot as of December 31, 2025, rather than continuous monitoring, leaving the future frequency of such audits a key factor for ongoing trust from regulators and investors.

cryptonews.ru08/14 05:56

Tether Undergoes Its First Full Independent Audit

cryptonews.ru08/14 05:56

A Glimpse into Crypto Miners in Q2: Rushing into AI Data Centers – Are They Profiting?

Mining companies presented mixed Q2 results as they navigate the shift towards AI data centers alongside their core Bitcoin mining operations. While mining output increased for some, declining Bitcoin prices and rising network difficulty pressured revenues. For instance, MARA mined more Bitcoin year-over-year but saw a 27% revenue drop and a significant net loss, partly due to unrealized losses on Bitcoin holdings. The standout trend is the growing contribution of AI/high-performance computing (HPC) hosting revenue. Core Scientific now derives over 80% of its revenue from high-density hosting, while TeraWulf generates about 71% from HPC leasing. However, the transition is at varying stages. Companies like Riot Platforms and Cipher Digital are in earlier phases, with AI-related revenue still a smaller portion of their total income. The article cautions against conflating massive, long-term AI hosting contracts (often valued in billions) with current quarterly revenue, as income recognition depends on capacity delivery and lease commencement. Financially, net losses were common but driven by different factors: some by Bitcoin price revaluations or warrant fair value changes, others by operational costs exceeding revenue. The sector is diverging into three paths: pure-play miners focusing on efficiency, companies successfully transitioning to AI hosting, and those in a challenging transitional phase where legacy mining income is declining before new AI revenue scales up. The key to future performance lies in reliable power access, timely data center delivery, and converting long-term contracts into consistent quarterly income.

marsbit08/14 04:59

A Glimpse into Crypto Miners in Q2: Rushing into AI Data Centers – Are They Profiting?

marsbit08/14 04:59

On-Chain Finance Finally Posts a Profitable Ledger: Figure's Quarterly Revenue Doubles, Net Profit Hits $87 Million

Blockchain finance firm Figure Technology Solutions reported a strong second-quarter earnings report, potentially serving as the first major proof of profitability for the sector. The company’s GAAP net revenue reached $226 million, up 113% year-over-year, while net profit surged 192% to $87.4 million, yielding a net profit margin of 38.8%. Its quarterly consumer loan origination volume hit $4.3 billion, marking 132% growth. Figure's business focuses on streamlining the U.S. Home Equity Line of Credit (HELOC) market by shifting the entire loan lifecycle—from origination to securitization—onto its proprietary Provenance blockchain. This backend infrastructure significantly reduces processing time and costs while remaining invisible to end borrowers, who simply benefit from faster, cheaper loans. A key growth driver is the Figure Connect platform, a blockchain-based marketplace connecting loan originators and institutional investors. It accounted for 65% ($2.8 billion) of the quarter's volume, demonstrating strong network effects with 489 partner firms. The company is building an integrated on-chain finance ecosystem that includes its SEC-approved yield-generating stablecoin, YLDS. Notably, Figure has achieved this scale and profitability without relying on token sales or speculative crypto economics, instead choosing a traditional IPO path. Its success suggests blockchain's most practical application in finance may be as an efficient, invisible infrastructure layer that solves specific real-world inefficiencies rather than attempting to overhaul the entire system.

marsbit08/14 04:55

On-Chain Finance Finally Posts a Profitable Ledger: Figure's Quarterly Revenue Doubles, Net Profit Hits $87 Million

marsbit08/14 04:55

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