Public filings reveal a $3B crypto trader who still lives with his mom

A 25-year-old crypto capitalist who traded astir $2 cardinal (3 cardinal Australian dollars) worthy of crypto successful 2021 ran his crypto empire from the comfortableness of his parent’s location successful Sydney, Australia, according to nationalist records.

The young weapon successful question, Darren Nguyen, has not spoken astir the accomplishment of his tiny trading concern PO Street Capital, though an nonfiction from The Australian connected Jan. 2 has alternatively highlighted specified via nationalist filings.

Registered astatine his parent's location successful Guildford, Sydney, Nguyen’s crypto concern took location 10.41 cardinal AUD successful after-tax nett successful the fiscal twelvemonth ended Jun. 30, 2021, according to filings from the Australian Securities and Investments Commission (ASIC).

This came from a full of $2.98 cardinal AUD worthy of crypto trading implicit the 12-month period.

It was a immense summation from Nguyen’s erstwhile year’s takings, which totaled astir 692,182 AUD successful 2020.

PO Street Capital’s auditors wrote that the results amusement his nett net accrued astir 1404.12% successful 2021 compared to the erstwhile year.

According to the filings, PO Street Capital made 4.3 cardinal AUD worthy of abbreviated word provisions successful June 2021, alongside a 1.3 cardinal AUD indebtedness it was paying backmost Nguyen, but had nary different debts connected its books.

Nguyen besides received 873,200 AUD dividends from the profits of that year.

The study from The Australian suggested this indicates that PO Street Capital was self-funded to behaviour specified a precocious magnitude of trades astatine $3 billion, though the work didn’t add leveraged trading into the equation, which is apt to person been a monolithic contributor to the inflated trading volumes.

Related: Models and fundamentals: Where volition Bitcoin terms spell successful 2023?

The household has kept soundless astir the crypto trading concern tally by Nguyen, with Nguyen’s parent declining to remark connected what she knew astir the trading enactment that occurred nether her roof.

Meanwhile, Nguyen has kept his lips sealed astir the concern too, including his trading strategies and however PO Street Capital performed for the past fiscal twelvemonth ending connected Jun. 30, 2022.

Notably, PO Street Capital's monolithic uptick successful show successful 2021 coincided with a meteoric emergence successful crypto prices betwixt Jul. 1, 2020, and Jun. 30 2021. For example, Bitcoin (BTC) and Ether (ETH) boomed 296% and 865% apiece during that clip frame, arsenic per CoinGecko data.

However, with the markets down since then, it is unclear however that has impacted Nguyen and PO Street Capital.