FTX revenue reportedly increased 1000% in one year, leaked documents reveal

Revenue breakdown reveals 1,842.85% increase in operating profit for FTX from $14 million to $272 million in fiscal year 2020-21.

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FTX was one of many crypto exchanges with a front row seat to witness the crypto hype of 2021, when Bitcoin (BTC) and other cryptocurrencies hit all-time highs . Thanks to massive customer onboarding, partnerships, sponsorships and other factors, FTX's revenue is said to have increased by 1,000% in 2021, according to internal documents.

Audited financial statements for fiscal year 2020-21 show FTX saw a 1,000% increase in revenue, from $90 million in 2020 to $1.2 billion in 2021, according to CNBC, alleging access to documents.

The revenue breakdown reveals a 1,842.85% increase in FTX's operating profit from $14 million to $272 million in one year. The crypto exchange generated $388 million in net revenue, an increase of 2,182.35% from $17 million last year.

FTX reportedly grossed $270 million in the first quarter of 2022. However, the exchange's track record during the crypto winter has yet to be revealed. Despite the strong first quarter performance, the ongoing crypto winter has most likely impacted the growth trajectory due to numerous stock market crashes.

The report further claims that FTX had $2.5 billion in cash at the end of 2021 with a profit margin of 27%.

FTX has not yet responded to Cointelegraph's request for comment.

Related: FTX US Among Top 5 Companies to Receive FDIC Cease and Desist Letters

Binance CEO Changpeng 'CZ' Zhao recently raised concerns about jitters, a phenomenon in which an existing trade order is postponed to allow new trades to take place.