Crypto exchange FTX reportedly is in talks to raise up to $1 billion in new funding and keep its valuation close to the previously established $32 billion.
CNBC first reported the news, citing people with knowledge of the discussions. An FTX spokesperson declined to comment to The Block.
The firm was looking to raise more funding in July of this year. At that time, reports indicated it was looking for a similar valuation to its previous raise. The January Series C round saw the exchange raise $400 million at a $32 billion valuation.
Negotiations are still ongoing and terms are subject to change. The capital would go towards additional dealmaking, CNBC reported.
Since the onset of crypto winter, FTX has been on a buying spree, purchasing distressed assets and making deals with struggling firms. In June, it brokered a deal with BlockFi that outlines a path to acquiring the lender.
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.
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