Crypto exchange FTX is in talks to raise more funding, Bloomberg reports

Quick Take

  • FTX, the crypto exchange giant founded by Sam Bankman-Fried, is reportedly in talks to raise fresh funding.

FTX, the crypto exchange giant founded by Sam Bankman-Fried, is in talks to raise fresh funding, Bloomberg reported on Wednesday. 

The firm is seeking a similar valuation to January, when it raised $400 million at a $32 billion valuation in a Series C round, according to the report, which cited unidentified people familiar with the matter. Both FTX and FTX.US, its American unit, are seeking funds. 

The push for fresh funding comes as FTX has been striking deals to acquire rivals struggling with recent crypto market stress.  Last month, crypto lending firm BlockFi announced a deal with FTX.US that would provide the firm with a $400 million revolving credit line and outlines the path to an acquisition.

The exchange looked at making a deal with troubled crypto lender Celsius but ultimately walked away after FTX saw a $2 billion hole in Celsius's balance sheet, The Block reported last month.

Updates at 11:30 a.m. ET to add background on FTX's dealmaking. 

 


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About Author

Andrew is Executive Editor for The Block Pro, based in London. He was previously Managing Editor at Bloomberg News and led special projects at Finimize. Follow him on Twitter at @AJRummer.