GMO Financial Report: cryptocurrency business realized operating profit of 670 million yen, an increase of 165.6%

On August 6, GMO Internet announced the financial statements for the second quarter of the 2019 fiscal year. GMO Group representative Xiong Guzheng Shou said that in the second quarter, the cryptocurrency trading business was well affected by the recovery of the encrypted market. Although the mining business also achieved profitability, the loss of opportunity caused by the slow business restructuring was distressing. In terms of specific data, the total sales of the cryptocurrency business in the second quarter totaled 2.1 billion yen, a year-on-year increase of 20.7%, and operating profit of 670 million yen, an increase of 165.6%. GMO said: 1. In the short term, despite the delay in DC (data center) migration design, it will continue to focus on the mining business. The trading business will aim to narrow the spread and further increase market share. GMO Coin also reduced the maximum ratio of leveraged trading from 5 times to 4 times on July 31. 2. In the medium and long-term strategy, the mining business aims to contribute profits through a low-cost strategy; the trading business objective is to flexibly utilize FX proprietary technology to increase domestic market share.