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FTX Posted $1 Billion in Revenue Last Year Amid Crypto Rally: Report
Revenues soared 1,000% from just $89 million in 2020, according to internal documents seen by CNBC.
Updated May 11, 2023, 5:43 p.m. Published Aug 22, 2022, 5:14 p.m.
Sam Bankman-Fried’s crypto exchange FTX posted $1.02 billion in revenue last year, jumping 1,000% from $89 million in the prior year, CNBC reported, citing internal documents it had viewed.
FTX also posted net income of $388 million in 2021, up from just $17 million in 2022, the documents showed.
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During the first quarter of 2022, FTX recorded $270 million in revenue, and is on track to post about $1.1 billion in revenue this year, CNBC reported, citing an investor deck shared with the business channel.
Read more: FTX's Bankman-Fried Says It’s Worth Losing Money to Prop Up Crypto Industry
The report gives a window into the revenue generated by one of the larger, privately held crypto exchanges. Coinbase (COIN), the largest publicly traded crypto exchange, posted $7.4 billion in revenue last year versus $1.1 billion in 2020. But its quarterly revenue fell to $803 million in the second quarter and it posted a net loss of $1.1 billion as trading volumes declined sharply.
The bulk of FTX’s revenue comes from derivatives trading, while about 16% came from crypto spot trading in 2021, according to CNBC. The report also noted that less than 5% of FTX's total revenue came from its U.S. business in 2021, and that FTX spent approximately 15% of its 2021 revenues on sales and marketing.
FTX declined to comment to CNBC on its leaked financials, though Bankman-Fried acknowledged the report via Twitter over the weekend.
"Fwiw numbers here are correct ballpark," Bankman-Fried tweeted on Saturday, referring to the CNBC report.
FTX didn’t immediately respond to CoinDesk’s request for comment.
Read more: FDIC Orders Crypto Exchange FTX US, 4 Others to Cease 'Misleading' Claims
UPDATE (August 22, 2022 19:55 UTC): Updated with Twitter comment from FTX's Sam Bankman-Fried.
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