Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Sam Bankman-Fried’s crypto exchange FTX posted $1.02 billion in revenue last year, jumping 1,000% from $89 million in the prior year, CNBC reported, citing internal documents it had viewed.

FTX also posted net income of $388 million in 2021, up from just $17 million in 2022, the documents showed.

During the first quarter of 2022, FTX recorded $270 million in revenue, and is on track to post about $1.1 billion in revenue this year, CNBC reported, citing an investor deck shared with the business channel.

The report gives a window into the revenue generated by one of the larger, privately held crypto exchanges. Coinbase (COIN), the largest publicly traded crypto exchange, posted $7.4 billion in revenue last year versus $1.1 billion in 2020. But its quarterly revenue fell to $803 million in the second quarter and it posted a net loss of $1.1 billion as trading volumes declined sharply.

The bulk of FTX’s revenue comes from derivatives trading, while about 16% came from crypto spot trading in 2021, according to CNBC. The report also noted that less than 5% of FTX's total revenue came from its U.S. business in 2021, and that FTX spent approximately 15% of its 2021 revenues on sales and marketing.

FTX declined to comment to CNBC on its leaked financials, though Bankman-Fried acknowledged the report via Twitter over the weekend.

"Fwiw numbers here are correct ballpark," Bankman-Fried tweeted on Saturday, referring to the CNBC report.

FTX didn’t immediately respond to CoinDesk’s request for comment.

UPDATE (August 22, 2022 19:55 UTC): Updated with Twitter comment from FTX's Sam Bankman-Fried.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.