FTX To Raise $1 Billion At $32B Valuation; Aims To Pour More Money Into Acquisitions
Crypto exchange FTX is aiming to raise around $1 billion at a $32 billion valuation, a number that matches an earlier round of funding earlier this year.
People with knowledge of the matter confirmed that some of the capital raised from the new funding round will be used to pour more money into recent acquisitions, CNBC reported. Wednesday report.
Interestingly, in an interview, FTX head Sam Bankman-Fried confirmed that the exchange has about a billion left for acquisitions.
“We didn’t try to empty the coffers, so to speak. We had a couple of billions, and that roughly matched what we raised last year, and on top of that we were profitable,” Bankman-Fried said last week.
FTX, one of the largest crypto exchanges in the market, is quite active in the crypto space despite the bearish market. It recently started a bidding war with Binance to acquire the assets of bankrupt crypto lender Voyager Digital, which is being auctioned by a court. A decision on the tender will be made next week.
Moreover, there was FTX Raised About $400 million and was worth $32 billion earlier this year. This value is equal to the market capitalization of Germany’s Deutsche Boerse but more than that of the Nasdaq stock exchange or Twitter.
The exchange was rumored to be acquiring Robinhood, a stock trading platform that recently listed many cryptocurrencies. Although It wasn’t trueFTX chief Bankman-Fried acquired a 7% stake in the company.
Additionally, FTX’s venture arm, FTX Ventures, acquired a 30% stake in alternative investment firm Skybridge Capital.
With multiple expansion deals lined up, it seems Bankman-Fried’s goal is to continue expanding globally. FTX executives were also present to politicize Deal