Bithumb H1 Net Loss $76M; Core Trading Still Profitable

The split between a profitable core exchange and a net loss driven by asset write-downs and litigation reserves is the real story here: it suggests Bithumb's operating engine still works, but its balance sheet is absorbing the cost of prior regulatory and treasury decisions. The revenue halving alongside reduced marketing spend points to a deliberate pullback rather than pure demand collapse. Whether the litigation reserve is a one-off cleanup or the start of a recurring cost line is the open question for the next reporting period.