With crypto surging, exchange FTX was reportedly able to rack up a billion dollars in revenue in 2021.
Citing internal audited financials, CNBC reported Saturday (Aug. 20) that the company also completed numerous acquisitions and was able to add to its global footprint. The company’s revenue saw an increase of over 1,000%, going from $89 million to $1.02 billion as of 2021.
FTX had $270 million in revenue for the first quarter this year, per the report, and was likely to do around $1.1 billion in revenue this year — though this was before the “crypto winter” wiped out a lot of peoples’ expectations.
The last few months have seen some other developments, like FTX signing a deal in July giving it an option to buy lender BlockFi, along with being in talks to buy South Korean company Bithumb.
The company is also looking into expanding into stock trading, along with ramping up retail trading efforts. However, the leaked documents show that it’s still a venue for “more sophisticated traders” who are using futures or options.
FTX didn’t respond to a request for comment from PYMNTS sent after hours.
Last month, PYMNTS wrote that FTX was also contemplating adding a new round of capital after a spending spree added more digital assets marketplaces to its roster. Both FTX and its American entity, FTX US, were looking at raising fresh capital.
According to a Bloomberg report which cited anonymous sources, the company was looking into a funding round at the same value as its January round, which raised $400 million at a value of $32 billion. FTX US raised another $400 million at an $8 billion valuation.
Founder Sam Bankman-Fried also committed around $1 billion during the digital asset rout which saw a $2 trillion drop in market value throughout the first half of the year. Bankman-Fried tried to save Voyager Digital with a big loan and was also investing anonymously in some other companies.
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