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FTX valued at $25B after funding round; founder Sam Bankman-Fried eyes acquisitions

FTX valued at $25B after funding round; founder Sam Bankman-Fried eyes acquisitions


Seeking Alpha
2021-10-21 19:30:18
FTX valued at $25B after funding round; founder Sam Bankman-Fried eyes acquisitions

Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX (FTT-USD), said Thursday that the more than $420M raised through a recent funding round will likely be used for acquisitions and investments. The cryptocurrency billionaire told CNBC that there are "a number of" acquisition targets that FTX is looking at, along the lines of its recent purchases of Blockfolio and LedgerX. On Thursday, FTX announced that it has raised more than $420M through a funding round that values the company at $25B. Investors included the Ontario Teachers’ Pension Plan Board, BlackRock and Sequoia Capital. Bankman-Fried added that the funds will give it a "bigger backstop" for its trading operations, ensuring the financial stability of the system. That said, the FTX CEO assured users that the firm had yet to see a situation where its resources were overwhelmed by trading activity. "It's also the case that we've never had a day in

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