• Q4 revenue was up 86% QoQ, amid higher crypto trading volume, and in line with the preliminary results announced by management in January. For comparison, Coinbase (NASDAQ: COIN) – operator of the largest crypto exchange in the U.S. – experienced 91% QoQ revenue growth.
  • This company’s revenue growth came from a 53% increase in trading volume, and a 11% increase in registered users (to 184k). User-count is currently 217k. Volume growth came primarily from a significant increase in trading by larger traders (institutions). Five traders accounted for 32% of 2021 revenue. We believe management’s strategy to attract large traders is commendable as the company can ramp-up trading volume quickly, while minimizing customer acquisition costs (CAC).
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