By
Chimamanda U. Martha
April 25th, 2024
Despite the impressive Q3 2023 performance, Sun acknowledged that the quarter was tough on the industry because of the Federal Reserve’s high interest rates and the declining industry’s revenue.
Serial Chinese entrepreneur and crypto mogul Justin Sun has announced the Q3 2023 earnings of his group of businesses which includes TRON, HTX, Poloniex, TUSD, and other companies. Sun made the announcement via X (formerly Twitter) on Thursday.
Q3 2023 Revenue Projections Exceed Forecast
According to Sun, the group’s actual Q3 revenue exceeded $202 million, slightly over the $200 million forecasted at the start of the quarter. However, the actual quarterly profit was lower than the projections, amounting to just $98 million. Despite this, the profit amounted to a 14% increase from its profit in the second quarter.
While the data does not include investment gains and losses, Justin Sun’s group has shown a steady growth curve for the year. The group’s measures to increase revenue and reduce costs continue to prove effective.
Sun noted that the group’s investment-related companies such as Luckin Coffee and other companies also brought good returns. For example, Luckin Coffee saw a sharp rise in its stock prices this year with a YTD growth of 39.6%. Its year-on-year figures are even more impressive with a whooping 124.67% growth in stock.
Sun: Bitcoin ETF Approval Could Usher in a Recovery
Despite the impressive Q3 2023 performance, Sun acknowledged that the quarter was tough on the industry because of the Federal Reserve’s high interest rates and the declining industry’s revenue. However, the crypto mogul is quite optimistic that the market will make a fuller recovery in the fourth quarter.
Sun is basing his projections on the fact that the approval of a Bitcoin ETF seems to be horizon. This, he believes, will usher in spring recovery for the entire crypto market
“The financial performance in the fourth quarter is worth looking forward to and may significantly exceed expectations,” he concluded.
Meanwhile, the company has firm confidence in the continuous improvement of its overall financial indicators. Sun has put the group’s fourth-quarter forecast revenue at $190 million. Expenses are projected to drop further to US$88 million while profit grows to $104 million.
DCG Also Eyes Revenue Jump
Interestingly, DCG also made remarkable strides in the third quarter. DCG’s Q3 revenues jumped by 23%, amounting to about $188 million. Its EBITDA figures also came in at a solid $69 million. One of DCG’s prime asset management units is Grayscale Investments LLC. Thus, with its Grayscale Bitcoin ETF due to be approved, DCG also expects a greater comeback in Q4 2023.