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Cryptocurrency exchange FTX went all-in during the crypto hype of 2021, investing heavily in customer onboarding, sports and celebrity sponsorships and other big partnerships.
Its activities did not do the leading crypto exchange any harm, as leaked internal documents indicate FTX recording a 1000% revenue increase in 2021.
According to CNBC who claim to have secured the documents, audited financials of the financial year 2020-2021, reveal revenue growth from $90 million in 2020 to $1.2 billion in 2021.
Further breakdown of the financials show a 1842.85% increase in operating income for the Sam Bankman-Fried led exchange, with $14 million growing to $272 million in a year. In addition, FTX net income accounted for $388 million in 2021, a staggering 2182.35% increase versus the year before.
Despite the start of a crypto bear market, during the first quarter of 2022, FTX reportedly earned $270 million. While official numbers are not out, the likelihood of the market downturn affecting its sequential quarters performance is high.
CNBC also reported that FTX was good for $2.5 billion in cash holdings by the end of 2021, which has sent the exchange on a shopping spree this year, hunting for bargains amidst the crypto winter.
Earlier in the year, the exchange agreed to purchase Canadian cryptocurrency platform Bitvo. The firm also made $250 million bailout offer to troubled Bitcoin lender BlockFi short after.