Bitkub Online (BO), the parent company of Thailand’s top cryptocurrency exchange Bitkub, experienced a 48% year-on-year drop in revenue last year, attributed to the downturn in the crypto market. Client investments also saw a significant 65% decline compared to the previous year.
The financial statement published on BO’s website revealed a net profit of 341 million baht in 2022, marking an 86% decrease from the prior year. Customer investments totalled 30.5 billion baht, down 65% from 87.2 billion baht in the previous year.
BO’s 2022 revenue stood at 2.85 billion baht, including 2.82 billion in fees and service revenues, a 45% reduction from 2021. In comparison, Bitkub’s revenue in 2021 was 5.51 billion baht, with 5.17 billion originating from fees and service income.
The majority of revenue from fees and services is derived from trading…
