Per public filings with the Australian Securities and Investment Commission, a 25-year-old registered a million-dollar-worth trading company at his parents’ house. According to a report, the company successfully traded over $2 billion in Bitcoin and other cryptocurrencies.
The trading desk is PO Street Capital, and its founder Darren Nguyen lives in an Australian suburb. The report claims that Nguyen and his company tried to keep a low profile and avoided attracting attention over the past two years.
However, public records were discovered by journalists showcasing a $7 million profit in 2021 and a 1,400% profit when compared with 2020. The trading desk then scored a $460,000 profit as the crypto bear cycle ended.
In late 2020, Bitcoin revisited its previous all-time high at $20,000. In subsequent months, the cryptocurrency went on a massive bull run.
By February 2021, the Bitcoin price was trading at $30,000 before moving upward and reaching a new all-time high north of $60,000. As the cryptocurrency doubled in price, the small Australian trading desk saw its profits swell.
As BTC’s price traded to the upside, other cryptocurrencies saw similar or higher profits. The second crypto by market capitalization, Ethereum, rose from under $100 to an all-time high of $4,500.
The report claims that PO Street Capital disclosed its performance with the Australian regulator in 2022. However, there is no record of its current profits or trading activity.
With the Bitcoin and Ethereum price trending to the downside, an unfavorable macroeconomic condition, high inflation, and an overall downside trend in risk-on assets, PO Street Capital might have seen its profits dwindle.
These conditions have led to the downfall of major companies in the nascent sector. From once-a-billion dollar hedge fund Three Arrows Capital (3AC) and the second largest crypto exchange in the world, FTX, prominent companies have had to halt operations or declare bankruptcy protection.
As of this writing, Bitcoin trades at $16,900 with a 2% profit in the last 24 hours. Other cryptocurrencies in the crypto top 10 by market cap record similar profits and seem poised for further appreciation.
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