FTX Revenue Reportedly Grew 1000% in One Year,
FTX Revenue Reportedly Grew 1000% in One Year,

FTX Revenue Reportedly Grew 1000% in One Year,

22 august, 20221 minute to read
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FTX internal document revealed a 1842.85% increase in operating income, while the company's revenue grew 1000%.

According to CNBC, that claims having access to the leaked financial documents, audited financials of FY 2020-2021 show FTX witnessed a 1000% increase in revenue from $90 million in 2020 to $1.02 billion in 2021. The revenue breakdown discloses a 1842.85% increase in operating income for FTX, from $14 million to $272 million in one year.

Overall, the crypto exchange amassed $388 million in net income, a 2182.35% increase from last year’s $17 million. The report further claims that FTX possessed $2.5 billion in cash by the end of 2021 with a profit margin of 27%.

The exchange’s track record during the crypto winter is yet to be revealed. It has most likely impacted the growth trajectory owing to numerous market crashes.

FTX's surge in revenue may be in part explained by the company's agressive global expansion, as it acquired numerous startups around the globe to quickly get the proper regulatory licenses. Recently, it has bought Digital Assets DA AG, out of Switzerland, as well as IFS Group and Hive out of Australia – bringing the total to 15 smaller companies across the world. Its portfolio companies span Cyprus, Germany, Gibraltar, Singapore, Turkey and the United Arab Emirates, among other countries, according to the documents.

22 august, 2022
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