FTX chief executive officer Sam Bankman-Fried (SBF) has confirmed media outlet CNBC’s report that FTX’s revenue grew 1,000% in 2021 on the back of a booming crypto market and a host of acquisitions.
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Fast facts
- In a Twitter post, SBF said, “Fwiw (for what it’s worth) numbers here are correct ballpark.”
- CNBC had reported that privately held FTX’s revenues grew to US$1.02 billion in 2021 from US$89 million in 2020, according to internal documents seen by the media outlet.
- In the first quarter of 2022, FTX garnered US$270 million in revenue, and was on track to touch about US$1.1 billion revenue in 2022, CNBC said in its report, citing an investor deck shared with the media outlet.
- CNBC said that FTX’s operating income was US$272 million last year, up from US$14 million a year earlier.
- FTX’s net income touched US$388 million in 2021, CNBC said, up from US$17 million in 2020.
- Bankman-Fried said last month that prioritizing customers getting back their deposits means it is okay to do a “moderately bad” deal when rescuing troubled cryptocurrency companies since such investments were not necessarily about maximizing return on investment.
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