Cryptocurrencies
Beleaguered Bitfinex Says Its Crypto Exchange Turns 97% Profit
- Offering circular says net profit was $404 million last year
- Exchange seeks to raise $1 billion amid government probes
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Bitfinex is giving potential investors a peek into just how lucrative it can be to operate a cryptocurrency exchange.
The controversial digital-asset trading platform disclosed in a so-called white paper that IFinex Inc., the company’s closely held parent, had a net profit of $404 million last year on $418.2 million in gross profit that includes consolidated revenue. Bitfinex disclosed the tidbit as it seeks to raise up to $1 billion in an initial exchange offering from non-U.S. investors after allegedly losing as much to a banking provider.