Would you still live with your parents if you made billions of dollars from crypto in a year?
Darren Nguyen, a 25-year-old crypto investor, traded almost $2 billion worth of crypto in 2021 from the comfort of his parents’ humble home.
According to filings from the Australian Securities and Investments Commission (ASIC), Darren’s crypto empire, PO Street Capital, took home AU$10.41 Million after-tax profit for the fiscal year that ended June 30, 2021.
This came from a total of AU$2.98 billion worth of crypto trading over the 12-month period. (About $2 billion USD)
Darren’s ‘small’ trading business is registered at his parents’ house in Guildford, Sydney. He is yet to comment on his earnings, but The Australian brought the public filings to light.
These figures are a huge difference from his 2020 earnings where he (only) pocketed AU$692,182. Results documented by PO Street Capital’s auditors show a 1,404.12% net profit increase in 2021.
To top it all off, Nguyen also received AU$873,200 in dividends from the profits of that year.
What about money going out?
Well, the public records at ASIC cite a loan payback by PO Street Capital of AU$1.3 million. The trading company also had AU$4.3 million worth of short-term provisions in June 2021.
The young billionaire, nor his mother and family members, could not be reached for comment, but one wonders what he does with all that money.
Perhaps his life is based on this mantra, “Happiness, not gold or prestige, is the ultimate currency.”—Tal Ben-Shahar.
PO Street Capital appears to be a self-funded venture for it to conduct high trades at AU$3 billion.
Nguyen remains mute about the company, including his trading strategies and how PO Street Capital performed for the last financial year, which ended on June 30.
Nonetheless, the spotlight is now on Nguyen as crypto investors and crypto enthusiasts clamor to find out his trading secrets. Compared to his 1,000+% gain in 2021, Bitcoin (BTC) and Ether (ETH) boomed 296% and 865% apiece during the same time frame, as per CoinGecko data.
With the ongoing bear market, it is unclear how it has impacted PO Street Capital and Nguyen’s net profit for 2022.
I guess we’ll both find out when ASIC releases its next report.
Stay tuned for updates.