According to leaked financials, FTX’s revenue increased 1,000% during the crypto craze

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Last Updated on August 21, 2022 by Bitfinsider

According to a leaked financial document, FTX rode the crypto craze to a billion dollars in revenue last year while expanding its global footprint through a flurry of acquisitions.

The audited financials provide a rare look into the finances of the privately held company. FTX was profitable, rapidly expanding across the globe, and experiencing rapid growth.

The revenue of the cryptocurrency exchange increased more than 1,000% from $89 million to $1.02 billion in 2021. Its profitability, like that of many start-ups, is determined by how it is measured. Operating income increased to $272 million from $14 million the previous year. FTX earned $388 million in net income last year, up from $17 million the previous year.

According to an investor deck shared with CNBC, the company made $270 million in revenue in the first quarter of 2022 and was on track to make $1.1 billion in revenue in 2022. However, it’s unclear how FTX fared in the second quarter, when crypto prices plummeted during the recent “Crypto Winter.”

Sam Bankman-Fried, a former Wall Street quant trader, founded FTX three years ago. The 30-year-old CEO has recently stepped in as the industry’s lender of last resort, looking to bail out businesses as liquidity runs out. Bankman-companies Fried’s sought to acquire distressed assets in addition to multiple loans totaling hundreds of millions of dollars. FTX signed a deal in July that gave it the option to buy lender BlockFi and was in talks to buy South Korean Bithumb. In August, FTX made an offer to buy Voyager but was turned down because it was a “low ball bid.”

According to the documents, FTX had approximately $2.5 billion in cash at the end of last year and profit margins of 27%. If advertising and “related party” expenses are excluded, the margins are closer to 50%. It raised $400 million in January from investors including SoftBank’s Vision Fund 2 and Tiger Global, at a $32 billion valuation.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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