According to a recent CNBC report, cryptocurrency exchange FTX generated more than $1 billion in revenue in 2021 after making just $90 million the previous year.
Cryptocurrency FTX’s Revenues Increased By Over 1,000 Percent
FTX’s revenue grew more than 1,000% in 2021 from $89 million to $1.02 billion. Operating income was $272 million, up from $14 million the prior year. FTX increased its net income from just $17 million the previous year to $388 million last year.
FTX generated $270 million in revenue in the first quarter of 2022, and as seen by CNBC earlier this year, bitcoin and it was on track to generate $1.1 billion in revenue this year, according to an investor statement that said it wasn’t clear how the market crash affected the firm.
Founded in 2019, FTX has skyrocketed to become a leading exchange under the leadership of CEO Sam Bankman-Fried.
Bankman-Fried has been pursuing various acquisitions lately and has stepped in to lend to crypto companies experiencing a liquidity crisis.
In July, FTX US entered into a deal with crypto lender BlockFi, giving FTX an option to buy the firm, and is in talks to acquire South Korean crypto exchange Bithumb. This was followed by the acquisition of cryptocurrency trading firm Bitvo and clearing firm Embed in June.
fwiw numbers here are correct ballpark
— SBF (@SBF_FTX) August 20, 2022
FTX declined to comment to CNBC about the leaked financial statements. But Bankman-Fried confirmed on Twitter that the numbers in the report are “in the correct forecast range.”
*Not investment advice.
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