SBF on Twitter: "2) This implies: a) ~$4b run-rate EBITDA b) ~$7.2b run-rate revenue c) ~53bps average trading fee (!!!!!) if all comes from transactions" / Twitter

3) So I'm guessing a significant chunk of that revenue is not coming from trading fees, which would be a first. Either that, or mobile app volume is WAAAAY up as a % of exchange volume. So far they haven't broken it down.

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SBF

@SBF_FTX

Apr 6, 2021

4) This is an impressive financial statement, and a huge step for the industry. And kudos to

@coinbase

for waiting to go public until they were consistently profitable and at least somewhat projectable. That's better than many listings. And it's a great precedent for crypto.

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SBF

@SBF_FTX

Apr 6, 2021

5) FWIW, FTX likely had: a) ~5-15% of the revenue b) ~10-25% of the earnings c) ~2x the volume d) way fewer users e) higher in-quarter growth f) a bit higher year-on-year growth (NOT FINANCIAL ADVICE, NOT AUDITED YET, JUST ESTIMATES)

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Replying to

and

53bps.. 😵

Replying to

and

Their S-1 showed 59bps average trading fee last year. They broke out retail, which was 1.42% on average! 97% of their revenue seems to come from (high) trading fees. I wrote about it here: covemarkets.com/blog/high-fees

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Replying to

ya I think there's something else going on here too: they break it down between retail and instos, but that's not the *important* split. the real split is mobile app/coinbase vs coinbase pro; that's where the fee difference comes from

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