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The 25-year-old crypto investor, who traded nearly $2 billion (AU$3 billion) worth of cryptocurrencies in 2021, runs his crypto empire from the comfort of his family home in Sydney, Australia, according to public records. was
The young gun in question, Darren Nguyen, has not spoken about the performance of his small trading business, PO Street Capital, but a January 2 article in The Australian highlighted it through public filings. I’m here.
According to Australian Securities and Investments Commission (ASIC) filings, Nguyen’s cryptocurrency business, registered at his parents’ home in Guildford, Sydney, posted an after-tax profit for the financial year ended 30 June 2021. took home A$10.41 million.
This was due to a total of A$2.98 billion worth of cryptocurrency transactions over a 12-month period.
This was a significant increase from Nguyen’s previous year’s earnings in 2020, totaling around A$692,182.
PO Street Capital’s auditors wrote that the results showed 2021 net profit increased by 1,404.12% year-on-year.
According to filings, PO Street Capital had short-term provisions worth A$4.3 million in June 2021 and an outstanding A$1.3 million loan to Nguyen, but had no other debts on its books.
Nguyen also received a dividend of A$873,200 from that year’s profits.
The Australian report suggests PO Street Capital has made a massive A$3 billion deal with its own money, but the publication does not add leveraged trading to the equation . Contributors to inflated trading volume.
Related: Models and Fundamentals: Where Will Bitcoin Price Go in 2023?
The family has remained silent about the crypto trading business run by Nguyen, and her mother has refused to comment on what she knows about the trading activity that took place under her roof.
Meanwhile, Nguyen has also been tight-lipped about his trading strategy and business, including PO Street Capital’s performance for the last fiscal year that ended June 30.
Notably, PO Street Capital’s strong performance gains in 2021 coincided with the sharp rise in cryptocurrency prices from July 1, 2020 to June 30, 2021. During that period, according to CoinGecko data.
However, it is unclear what effect it has had on Nguyen and PO Street Capital as the market has fallen since then.
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