Leaked financials show that FTX experienced rapid growth last year, with the exchange recording over a billion dollars in revenue and quickly expanding across the globe.

During a bankruptcy hearing, Celsius’ Chief Financial Officer, Chris Ferraro, announced that the embattled cryptocurrency lender will have additional funds thanks to maturing loans, as well as savings on sales and taxes. It is now likely that Celsius will be able to fund its operations until the end of the year.

SBI Holdings, Japan’s leading financial service company and largest online brokerage, is reportedly ceasing its mining operations in Siberia, Russia. A spokesperson for the firm announced that one of the reasons behind the move is the sanctions imposed on Russia in the wake of the invasion of Ukraine.

Top stories in the Crypto Roundup today:

• FTX Sees Revenue Soar 1,000% in 2021
• Celsius Reports That It Likely Has Enough Cash to See Through 2022
• SBI Holdings To Halt Russia Bitcoin Mining Operations

FTX's Revenue Soared 1,000% in 2021

Leaked financials show that FTX experienced rapid growth last year, with the exchange recording over a billion dollars in revenue and quickly expanding across the globe.

In 2021, the crypto exchange saw its revenue rocket from $89m to $1.02bn - an increase of more than 1,000%. This came during a euphoric period for the cryptocurrency market, which was experiencing new all-time highs at the time. The exchange’s operating income also rose in line with its revenue, increasing from $14m in 2020 to $272m in 2021. Overall, the documents reportedly show that FTX had a net income of $388 million last year, up from just $17 million a year earlier.

Looking back at the first quarter of 2022, FTX brought in $270m in revenue, and was on track to do roughly $1.1 billion in revenue in 2022, according to an investor deck shared with CNBC. The documents show that approximately two-thirds of revenue came from fees associated with trading futures, while around 16% came from spot markets. Futures and derivatives trades tend to be more lucrative for exchanges.

FTX, unlike many of its competitors, was founded just three years ago by former Wall Street trader Sam Bankman-Fried, also known as SBF. Since its inception, the exchange has risen to become one of the most popular cryptocurrency trading venues. The company's CEO is also popular within the cryptocurrency space and has recently stepped in to backstop struggling crypto companies as liquidity dried up amid the recent market turmoil.

Celsius Reports That It Likely Has Enough Cash to See Through 2022

During a bankruptcy hearing, Celsius’ Chief Financial Officer, Chris Ferraro, announced that the embattled cryptocurrency lender will have additional funds thanks to maturing loans, as well as savings on sales and taxes. It is now likely that Celsius will be able to fund its operations until the end of the year.

Previously, it was estimated that Celsius would have enough cash to last them until the end of October, according to court filings submitted last Monday by Kirkland & Ellis, the law firm Celsius hired to direct its restructuring plan.

Ferraro announced that the extra funds would be coming from $61m in loans that the company made to Bitfinex that are maturing over the next couple of weeks, as well as roughly $20m in savings on sales and use taxes on mining rigs that Celsius purchased.

During the hearing, it was also disclosed that Celsius has frozen its retail loans, which means customers are not required to make interest payments on their loans, nor are their loans being liquidated. Court filings from last week revealed the firm is largely cash flow negative and now only holds 15,000 BTC and 23,000 wrapped bitcoin (wBTC) of the 100,000 BTC customers deposited in the platform.

SBI Holdings To Halt Russia Bitcoin Mining Operations

SBI Holdings, Japan’s leading financial service company and largest online brokerage, is reportedly ceasing its mining operations in Siberia, Russia. A spokesperson for the firm announced that one of the reasons behind the move is the sanctions imposed on Russia in the wake of the invasion of Ukraine.

The spokesperson continued that declining cryptocurrency prices was also something that SBI had to take into consideration, as the profitability of the business had suffered since the market conditions turned unfavourable.

SBI Crypto, the mining subsidiary of the conglomerate, has been actively mining crypto in farms outside of Japan since 2017. The SBI Bitcoin mining pool is currently ranked 11th globally - providing 1.2% of the network's overall hash rate. It is not immediately clear when exactly SBI will cease its crypto mining operations in Russia.

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