Revenue Growth of FTX Surges by Over 1000% To $1.02B in 2021

Revenue Growth of FTX Surges by Over 1000% To $1.02B in 2021
  • FTX had $2.5 billion in cash and a 27% profit margin at the end of 2021.
  • According to reports, FTX generated $270 million in Q1 2022.

When Bitcoin (BTC) and other cryptocurrencies reached record highs in 2021, FTX was one of the several crypto exchanges that witnessed the entire phase. According to company documents, FTX’s income increased by 1000% in 2021 thanks to increased client onboarding, collaborations, and sponsorships.

According to documents CNBC claims to have seen, FTX’s revenue increased between fiscal years 2020 and 2021, from $90 million in 2020 to $1.02 billion in 2021.

Battling Prolonged Crypto Winter

As can be seen in the revenue breakdown, FTX’s operating income increased by 1842.85% annually, going from $14 million to $272 million. The cryptocurrency trading platform made $388 million in profits, a rise of 2182.35 percent over the $17 million made last year.

According to reports, FTX generated $270 million in Q1 2022. The exchange’s performance throughout the crypto winter, however, has not yet been disclosed. Despite the impressive results in the first quarter, the prolonged crypto winter has certainly affected the growth trajectory as a result of frequent market collapses.

According to the research, FTX had $2.5 billion in cash and a 27% profit margin at the end of 2021. It is true that Bankman-Fried and his firm have taken advantage of the present circumstances to purchase several failing companies, despite his repeated statements that he intends to aid other crypto entrepreneurs.

As of right now, FTX and BlockFi have agreed on a $240 million price for FTX to acquire Bithumb, a cryptocurrency exchange based in South Korea. It also made an offer to acquire Celsius but quickly backed out.

 Recommended For You:

Philippines Regulator Issues Warning Against Crypto Volatility

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.