The FTX exchange’s revenue has risen sharply over the past year to increase its footprint in the global cryptocurrency market, through a series of acquisitions, according to internal documents seen by CNBC.
The financial statements inside those documents revealed some glimpses of the privately owned stock exchange, as FTX showed profits and rapid growth worldwide.
FTX revenue jumped more than 1,000% from $89 million to $1.02 billion in 2021.
The operating income of FTX also increased from 14 million dollars to 272 million dollars last year, while the net income amounted to regarding 388 million dollars, compared to regarding 17 million dollars in 2020.
The company’s revenue increased to $270 million in the first quarter of 2022, but it is not yet clear how well FTX will withstand the so-called “crypto winter.”
By the end of last year, the exchange had regarding $2.5 billion in liquidity and a profit margin of 27%. It also succeeded in attracting $400 million in investments from SoftBank 2 Vision Fund and Tiger Global, bringing the market capitalization of the FTX exchange to $32 billion.
