FTX revenues topped $1B in 2021
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.