Billionaire PO Street Capital Founder Still Lives With His Mom

25-year-old Darren Nguyen who is said to still live with his parents in their Sydney home made over $7 million in profits in 2021. 

Nguyen operates his crypto empire right from the comfort of his residence which doubles as his family home in Sydney, Australia. The young billionaire runs PO Street Capital, a small trading enterprise that traded crypto assets worth as much as $2 billion equivalent to 3 billion Australian dollars two years ago.

Markedly, the business is registered to his parent’s home address in Guildford, Sydney. According to a filing by the region’s regulator, the Australian Securities and Investments Commission (ASIC), Nguyen through PO Street Capital closed the 2021 fiscal year which ended on June 30th, 2021 with AU$10.41 million in profit after tax. 

The crypto king amassed the volume of wealth after trading AU$2.98 billion worth of crypto assets in twelve months.

PO Street Capital Runs Self-Funded

In 2020, Nguyen raked in only AU$692,182 as profit thereby implying a significant growth in his profit margin in 2021. 

The company’s auditors explained that this result shows his net profit jumped to 1,404.12% in 2021 when compared to 2020. The ASIC filing also outlined that PO Street Capital had a AU$4.3 million short-term provision in June 2021 as well as a AU$1.3 million loan from Nguyen which the company was servicing.

Apart from these two, no other debts were recorded in the company’s books indicating that the trading firm has been self-funded all this while. The young billionaire received up to AU$873,200 as dividends from the profit of PO Street Capital in that year. No information was published to show whether leveraged trading was a contributor to the inflated trading volume.

Since Nguyen and other members of his family have been silent about the operations of PO Street Capital, it is quite unclear how the implosion of FTX Derivatives Exchange which happened in November 2022 has impacted the trading firm. This is unlike Metaplex Studio and market-making firm Auros which have been struggling owing to their contagion to FTX.