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

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  • 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.

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

 


Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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About Author

Andrew Rummer is executive editor for The Block Pro, based in London. He was previously managing editor at Bloomberg News and led special projects at Finimize. He has a degree in engineering from the University of Oxford. Follow him on Twitter at @AJRummer.