Swyftx Posts $50.5m Profit as Crypto Trading Surge Fuels Revenue Growth

Brisbane-based cryptocurrency exchange Swyftx has reported a financial rebound, recording a full-year after-tax profit of AUD50.5 million as trading activity accelerated amid renewed market confidence.

The result marks an AUD18 million jump on the previous year, with revenue rising from AUD85.7 million to AUD130.2 million for the 12 months to June 30.

Founded in 2018 by Alex Harper and Angus Goldman, Swyftx has grown to become Australia’s second-largest crypto exchange, supported by a substantial portfolio of high-profile sports sponsorships across Super Rugby, the AFL, the BBL, and the NRL.

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Chief executive, Jason Titman, said demand has strengthened across both retail and institutional channels, attributing the growth to increasing mainstream acceptance of cryptocurrency investment.

“Crypto is going from being a speculative asset class to a more mainstream conversation.”

“We’ve had around a 180 per cent increase in SMSF and entity accounts, generally from high net worth individuals,” Titman said. 

Swyftx now services more than 1.3 million customers, with over AUD1 billion traded monthly on the platform. The value of customer-held digital assets on the exchange rose to AUD2.86 billion, up from AUD1.95 billion the year prior.

The company has also expanded through acquisition, purchasing New Zealand exchange Easy Crypto for AUD32.9 million and brokerage firm Caleb & Brown for more than AUD100 million this year.

The latest results mark a reversal from the 2023 financial year, where Swyftx posted a AUD135 million loss following the collapse of global competitor FTX and a subsequent contraction in trading volumes that led to significant staff reductions.

No dividend was paid this year, following previous distributions in 2022 and 2023.

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