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