- FTX had $2.5 billion in cash and a profit margin of 27% at the end of 2021.
- According to reports, FTX made $270 million in the first quarter of 2022.
When Bitcoin (BTC) and other cryptocurrencies hit record highs in 2021, FTX It was one of the many cryptocurrency exchanges that saw the entire phase. According to company documents, FTX revenue increased by 1,000% in 2021 thanks to increased client onboarding, collaboration, and sponsorship.
According to documents CNBC claims to have seen, FTX revenue increased between fiscal 2020 and 2021, from $90 million in 2020 to $1.02 billion in 2021.
Fight the long winter encryption
As can be seen from the revenue breakdown, FTX’s operating income increased 1,842.85% annually, from $14 million to $272 million. The cryptocurrency trading platform generated $388 million in profits, an increase of 2,182.35 percent from the $17 million it made last year.
According to reports, FTX made $270 million in the first quarter of 2022. However, the performance of the exchange was not revealed throughout the crypto winter. Despite the impressive results in the first quarter, a prolonged crypto winter has certainly affected the growth trajectory as a result of frequent market crashes.
According to research, FTX had $2.5 billion in cash and a profit margin of 27% at the end of 2021. It is true that Bankman Fried His company has taken advantage of the current circumstances to purchase several failed companies, despite his frequent statements that he intends to help other crypto entrepreneurs.
As of now, FTX and BlockFi have agreed a $240 million price tag for FTX to acquire Bithumb, a cryptocurrency exchange based in South Korea. She also made a bid for a Celsius score but quickly fell back.
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