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FTX revenues topped $1B in 2021

Ryan Lawler
Aug 22, 2022
Illustration of a hundred dollar bill in the shape of the FTX logo

Illustration: Sarah Grillo/Axios

Global crypto exchange FTX grew revenue by more than 1,000% and had $2.5 billion in cash at the end of 2021, per CNBC.

Why it matters: The leaked financials show that FTX — already one of the more active acquirers in the crypto space — has a massive war chest available to continue picking up distressed competitors on the cheap.

By the numbers: According to internal documents seen by CNBC, FTX’s revenue grew from $89 million in 2020 to $1.02 billion in 2021.

  • Operating income was $272 million — up from $14 million in 2020 — while net income grew to $388 million from $17 million a year earlier.
  • The company also had roughly $2.5 billion in cash on hand at the end of the year.

Of note: Those full-year numbers don’t appear to include the $400 million FTX raised in January at a $32 billion valuation.

  • And it's looking to raise more, according to reports.

Between the lines: FTX clearly plans to grow through acquisition.

  • Earlier this year, the company expanded operations in Canada and Japan by acquiring crypto trading platforms Bitvo and Liquid Group.
  • It also struck a deal with BlockFi that gives FTX the option to buy the troubled crypto lender and it made a bid to bail out the customers of Voyager Digital — but that proposal was rebuffed.

What they’re saying: FTX founder and CEO Sam Bankman-Fried roughly confirmed the report by tweeting, “fwiw numbers here are correct ballpark.”

  • An FTX spokesperson declined to comment further on the matter.

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