Bitfinex brought in $21.4 million in revenue in Q1 2020, up 96% from last quarter

Startups • May 5, 2020, 2:59PM EDT
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Bitfinex generated $21.4 million in revenue in the first quarter of 2020, nearly twice as much as it brought in during the final quarter of 2019.

According to new research from The Block, Bitfinex generated $21.4 million during the first quarter of 2020 - a 96% increase from the $10.91 million revenue in the final quarter of last year - and a small decrease from the $26.15 million revenue in 2019's third quarter.

Source: The Block Research, Bitfinex

Bitfinex's trading volume exhibits similar patterns as its revenue, which is an expected outcome since Bitfinex derives most of its revenues from trading fees.

 

Source: The Block Research, Bitfinex

Generally speaking, while Bitfinex is still the most liquid exchange out there, it has clearly lost some steam in recent quarters. Since January 2019, Bitfinex's share of total legitimate volume has dropped from 13.7% to about 5% in April.

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Yilun Cheng profile picture Yilun Cheng

Yilun joined The Block in November 2019. She has a policy background and extensive experience in reporting and writing. She has worked on stories ranging from business to politics.

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