FTX To Raise $1 Billion At $32B Valuation; Aims To Pour More Money Into Acquisitions
Cryptocurrency exchange FTX is aiming to raise about $1 billion at a $32 billion valuation, a figure in line with previous funding earlier this year.
Some of the money raised in the new round will be used to put more money into recent acquisitions, people familiar with the matter confirmed, CNBC reported Wednesday.
Interestingly, in an interview, FTX head Sam Bankman-Fried confirmed that the exchange has nearly $1 billion left to acquire.
“We’re not trying to empty the coffers, so to speak. We’ve put billions in, which is roughly in line with what we raised last year, and beyond that, we’ve been profitable,” Bankman-Fried said last week.
Despite the bearish market, FTX, one of the largest cryptocurrency exchanges in the market, has been very active in the cryptocurrency space. It recently launched a bidding war with Binance to acquire the assets of bankrupt crypto lender Voyager Digital, which are being auctioned off in court. A decision on the bid will be announced next week.
In addition, FTX has improve About $400 million, and was valued at $32 billion earlier this year. That value is the same as Deutsche Börse’s market capitalization, but higher than the Nasdaq stock exchange or Twitter.
There are rumors that the exchange will acquire Robinhood, a stock trading platform that has also recently listed a number of cryptocurrencies.although it’s not trueFTX head Bankman-Fried did acquire a 7% stake in the company.
In addition, FTX Ventures, the venture capital arm of FTX, acquired a 30% stake in alternative investment firm Skybridge Capital.
With multiple expansion deals in place, Bankman-Fried appears to be aiming to continue expanding globally. FTX executives also make politics trade.