FTX earnings increased by 1842.85 percent, from $14 million to $272 million in 2020-2021.
FTX is among the top crypto exchanges, its revenue is reported to have increased by 1000% in 2021 – internal documents reveal.
The audited financial statements for 2020-2021 show that FTX saw a 1000% increase in revenue – growing from $90 million in 2020 to $1.2 billion in 2021.
The revenue breakdown shows that FTX’s operating income increased by 1842.85 percent, from $14 million to $272 million in one year. The crypto exchange has accumulated $388 million in net income, up 2182.35% from $17 million the previous year.
FTX reportedly made $270 million in the first quarter of 2022. Despite the excellent first-quarter performance, the ongoing crypto winter has most likely affected the growth trajectory due to many market crash.
The report also claims that FTX owns $2.5 billion in cash at the end of 2021 with a profit margin of 27%.