- FTX’s 2021 revenue grows from $89 million to over $1 billion as the cryptocurrency market rebounds.
- CNBC Worldwide The massive expansion achieved growth in the report citing leaked documents.
- Despite Crypto Winter , FTX still looks to add to its growing portfolio of companies.
FTX revenue grows more than 1,000% in 2021 as massive bull run that pushed Bitcoin to highs of $69,000 pushes crypto exchange revenue from under $90 million in 2020 to $1 billion last year above.
A CNBC report, citing leaked audit documents, shows that the company, led by CEO Sam Bankman-Fried, Huge revenue generated from growing footprint based on key acquisitions.
FTX’s revenue reaches 1.02 billion USD
2021, as rebounding market attracts new capital and helps crypto businesses stand behind previous market cycle With a firm footing, FTX becomes one of the markets to take full advantage.
According to documents cited in the publication, financial success has only helped drive the company’s global expansion, increasing the overall Year-on-year growth in revenue. In fact, FTX’s revenue reportedly jumped from $89 million in 2020 to $1.02 billion in 2021 — an increase of more than 1,000%.
) The net income of cryptocurrency exchanges has also grown significantly – while in the previous year it was about $17 million, while The cryptocurrency craze pushed it to $388 million. The company’s operating income rose from $14 million in 2020 to more than $272 million in 2021.
The filing also shows that FTX holds nearly $2.5 billion in cash by the end of 2022, with a 27% profit margin.
FTX continues to expand its global footprint
revenue for the first quarter of 2022 was $270 million and is expected to be $1.1 billion for the full year. Given the impact of the crypto winter on cryptocurrency prices this quarter, this outlook may become clearer with the release of Q2 data.
Despite the crypto winter, Bankman-Fried’s firm wants to continue its acquisition blitz. Clearly, the cryptocurrency storm that took place in the first half of the year provided an opportunity to acquire some companies at a low price.
) For example, in June FTX acquired Canadian crypto trading platform Bitvo, and FTX US acquired clearing firm Embed. Trading with the latter has been key to FTX US offering stock trading. Other transactions on the FTX table were for crypto lenders BlockFi and Bithumb, a South Korea-based cryptocurrency exchange.
And through these major acquisitions, FTX has struck deals and acquired businesses around the world.
It is worth noting that the leaked documents show that there are 15 smaller companies located in Singapore, Australia, Germany, Countries such as Turkey, Switzerland and the United Arab Emirates, Cyprus and Gibraltar.