Darren Nguyen’s crypto trading business, PO Street Capital, is registered at his parents’ home in suburban Sydney, Australia. The company made about $7 million in after-tax profit for the fiscal year ending June 2021, according to the documents, which were filed with the Australian Securities and Investments Commission.
ASIC filings show that PO Street Capital’s net earnings rose more than 1,400% from a year earlier, when the firm posted profits of about $460,000.
Nguyen’s operations coincided with a cryptocurrency boom in 2021. During that fiscal year, Bitcoin’s value more than tripled, while Ethereum, the second-largest cryptocurrency, rose 865%.
However, cryptocurrency news outlet Cointelegraph notes that Nguyen was likely able to trade at such high volume only thanks to leverage. That would involve borrowing funds from a broker to trade at levels higher than one’s cash balance, which carries greater risk.
Nguyen and her mother did not comment to The Australian, and Insider was unable to contact them.
PO Street Capital’s registrations for 2021 were filed at the end of 2022, but it’s unclear how the business has fared since the cryptocurrency price plunge over the past year.
However, even before the FTX collapse, the crypto market had been on shaky ground, with asset prices tumbling amid waning investor sentiment.
Bitcoin reached an all-time high of $69,000 in November 2021, but is currently hovering around $16,600. Although, since PO Street Capital first registered in June 2018, Bitcoin is still up about 118% as of Tuesday night. morning.
