FTX Revenue Surges Over $1 Billion
Leaked internal documents of the financial audits of FTX for the fiscal year 2020-2021 show that the exchange witnessed a 1,000% increase in revenue, growing from $90 million in 2020 to $1.02 billion in 2021.
In addition, the operating income of FTX was $272 million in 2021, up from $14 million a year earlier. The exchange also saw a net income of $388 million last year, compared to the $17 million it generated in 2020.
According to the documents, FTX generated $270 million in revenue in the first quarter of 2022. However, while the exchange was on course to hit a revenue of $1.1 billion in 2022, its revenue for 2021 remains unreported.
Bankman-Fried Confirms the Numbers
Following the reports, FTX chief executive officer Sam Bankman-Fried (SBF) confirmed the revenue generated by his exchange, writing on Twitter (NYSE:TWTR), “fwiw numbers here are correct ballpark.”
On the Flipside
Why You Should Care
FTX was one of the faces of crypto exchanges amidst the crypto hype of 2021, leading to the exponential growth of its revenue.
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Source: Cryptocurrency - investing.com
