Sam Bankman-Fried's FTX revenue surged 1000% in one year
Leaked financials also reveal that two-thirds of the firm's revenue came from futures trading fees, and 16% came from spot trading.
Crypto exchange saw exponential growth last year, fuelled by its global trading business. Its revenue reportedly soared more than 1,000% from $89 million to $1.02 billion in 2021.
According to leaked financials, seen by CNBC, two-thirds of the firm's revenue came from futures trading fees, and 16% came from spot trading.
As per multiple media reports, FTX generated $270 million in revenue in the first quarter of 2022 and was on track to generate roughly $1.1 billion in revenue in 2022. It's unclear how the company performed amid the crypto price crash in the second quarter of 2022.
Former Wall Street trader Sam Bankman-Fried launched the crypto exchange in 2019.
Sam Bankman, CEO of the crypto exchange, has been actively making acquisitions. FTX purchased a 7.6 % stake in Robinhood, a crypto exchange.
FTX also invested in other firms that were on the verge of bankruptcy. BlockFi is one such lending platform that has received $250 million from them to assist in stabilising and enhancing its balance sheet.
The firm also offered to buy crypto lender Voyager in August but later turned down the acquisition.
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Edited by Affirunisa Kankudti
