March 21, 2023

Sam-Bankman Friday’s crypto exchange FTX is reportedly in talks with investors to raise $1 billion in new funding, as it looks to use the extra capital for financial acquisitions during the bear market.

According to According to a Sept. 21 report by CNBC that cited sources close to the matter, negotiations are still ongoing and details could still change. If proven true, the amount of funding would keep FTX’s current valuation of around $32 billion intact.

The potential $1 billion funding round would add to the $400 million FTX raised in January and could signal investor confidence in the firm despite a long crypto winter.

Other details are scant at this stage, however, sources said some of the new funds will be put towards further wheeling and dealing in the crypto space, which is not surprising given how active FTX and SBF’s quantitative research firm Alamada Research is in the bears. the market

A potential FTX acquisition of troubled crypto lender Voyager Digital has been in the works since July, after it outlined a joint proposal with Alameda to buy Voyager after it filed for bankruptcy.

The proposal was denounced by Voyager, describing it in a New York bankruptcy court filing as “a low-ball bid dressed up as a white-knight rescue” and a move “designed to generate publicity for itself rather than value for Voyager’s customers.”

FTX remains in the hunt, however, as Voyager begins auctioning its remaining assets on September 13

According to a 20 September Report According to the Wall Street Journal (WSJ), both Binance and FTX are now said to be the leading bidders for Voyager’s assets, with Binance’s bid at around $50 million and FTX slightly below that number. The auction runs until September 29 and the WSJ reports that no bids have been received at this stage.

Related: Alameda Research ‘pleased to repay’ $200M loan to Voyager Digital

Earlier this month FTX Ventures, an investment arm of the firm, announced it would acquire a 30% stake in Anthony Scaramucci’s wealth management firm Skybridge Capital for an undisclosed amount.

In June FTX entered into an agreement to buy Canadian crypto platform Bitvo as part of a larger plan to expand into Canada. A month ago FTX US signed a deal with troubled lender BlockFi to provide it with a $400-million revolving credit facility and an option to buy the firm for about $240 million.