FTX grew its revenue to a billion dollars thanks to the crypto boom last year; The firm expanded its business across the world by acquiring several crypto-related firms, according to internal documents obtained by CNBC. 

The audited financials showcased a glimpse into the privately held crypto company’s finances. 

The crypto exchange’s revenue blasted above 1,000%, from $89 million to $1.02 billion in 2021. Its profitability, similar to many start-ups, depends on how you measure it. Operating income was $272 million, up from $14 million a year earlier. FTX saw net income of $388 million last year, up from just $17 million a year earlier.

The company brought in $270 million in revenue in the first quarter of 2022, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC. 

Meanwhile, the revenue of the publicly traded Coinbase surged dramatically amid the crypto crazy with $7.4 billion in revenue and $3.6 billion of net income last year. However, in the second quarter of 2022, Coinbase reported $808.3 million in revenue, a 64% drop from the 2021 quarter, and a surprise net loss of $1.1 billion, compared with $1.59 billion in net income a year earlier, as retail trading volumes cratered.

FTX was founded in 2019 by former Wall Street quant trader Sam Bankman-Fried. 

In July, FTX signed a deal that gave it the option to buy lender BlockFi and was in discussions to acquire South Korean Bithumb. FTX also offered to purchase Voyager in August, but the offer was rejected for what the crypto firm claimed was a “low ball bid.”

FTX had roughly $2.5 billion in cash at the end of last year and 27% profit margins, according to the documents. Margins were closer to 50% if advertising and “related party” expenses are stripped out. It last raised money in January, collecting $400 million from investors like SoftBank’s Vision Fund 2 and Tiger Global, at a $32 billion valuation.