FTX released its third-quarter reports which showed that its trading volume has jumped 500% in the last quarter alone. The company holds 4.5% of the U.S. crypto market at the end of the third-quarter, going up from 2% as of that period.
Average daily volume jumped more than 500% during the period, with 24-hour volume of around $807 million seen at the start of September. User count grew by more than 50% and headcount increased by 30%.
The results came during a period when crypto prices were just starting to recover from second-quarter declines when prices rallied rapidly following a more than 50% pullback. The cryptocurrency market is now worth more than $3 trillion.
Bitcoin rose to about 25% in the July-to-September period and Ethereum rose to 33%. The company’s trend contrasts with figures from Coinbase, the largest crypto exchange in the U.S., which reported a 75% drop in net income in the third quarter.
Brett Harrison, the President of FTX U.S. said that the company is benefiting from a marketing strategy, usually from affiliate FTX, that’s seen big outlays on high-profile sports sponsorships. The company sponsors Major League Baseball, and owns naming rights to the arena where the Miami Heat basketball team plays. It also entered a long-term partnership with celebrity couple Tom Brady and Gisele Bündchen, and has bought an ad in the upcoming Super Bowl, one of the most high-profile and expensive opportunities for publicity in sports broadcasting.