FTX Grew Its Revenue From $89 Million to $1 Billion, According to Leaked Documents

Sam Bankman-Fried CEO of FTX - Source: CoinTelegraph
Sam Bankman-Fried CEO of FTX - Source: CoinTelegraph

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.