The company is working to regain its standing in the market with increased cryptocurrency activity driving both revenue and user engagement. However, rising prices and shifting investor interest continue to create challenges for long-term stability.
Based in Brisbane and launched in 2018, Swyftx is now the second-largest crypto exchange in Australia. It has reported a jump in full-year profit from $32.5 million to $50.5 million after tax for the year ending 30 June. This improvement is largely due to strong demand from traders, influenced by bitcoin reaching record highs and renewed interest from institutional investors.
Revenue increased from $85.7 million to $130.2 million and user activity also rose sharply. The exchange now serves over 1.3 million customers, with more than $1 billion worth of cryptocurrencies traded each month. The total value of digital assets held in customer accounts grew to $2.86 billion, up $900 million from the previous year. A key source of this growth has been accounts opened by self-managed super funds and high-net-worth individuals.
Swyftx has invested heavily in sports sponsorship and strategic acquisitions to build on its growth and gain further market share. In March, it bought New Zealand-based Easy Crypto for $32.9 million. This was followed by the October acquisition of crypto brokerage Caleb & Brown for over $100 million. These deals reflect the company’s commitment to expanding its services and reach across Australasia.
This successful turnaround contrasts sharply with the situation two years ago. In the aftermath of the FTX collapse and a downturn in trading volumes, Swyftx recorded a $135 million loss for the 2023 financial year and halved its workforce. While dividends were distributed in previous years, none were issued this year as the company opted to conserve capital in an unpredictable market.
Swyftx’s profitability indicates growing public trust in cryptocurrencies, although market volatility and regulatory uncertainty remain ongoing risks. For now, the company appears to be benefiting from a renewed wave of investor interest.
