FTX seeks to raise $1 billion valuing the crypto exchange at $32 billion

FTX is reportedly raising $1 billion at a $32 billion valuation.


FTX crypto exchange is reportedly seeking another $1 billion funding round at a $32 billion valuation. This cash infusion would be roughly in-line with the company's last capital raise in January. 

Crypto exchange FTX CEO Sam Bankman-Fried
Sam Bankman-Fried has steered FTX through this 'crypto winter' by making some opportunistic investments.
Source: Craig Barritt | Getty Images

CNBC is reporting that FTX is seeking another round of financing, but the company declined to comment. According to sources close to the capital raise, talks are ongoing and the negotiated valuation could change. FTX already has some big investors including Softbank's Vision Fund 2, Tiger Global, and Singapore's Temasek.

Bankman-Fried and FTX have made some opportunistic acquisitions during this current "crypto winter" bear market. FTX made a deal with the option to acquire BlockFi, and even tried to scoop up Voyager Digital in August but the deal was rejected as a "low ball bid." There were even rumors that FTX may acquire the embattled Robinhood app after Bankman-Fried acquired his own personal stake in the company. FTX and GameStop even announced a partnership earlier this month. 

FTX revenue topped $1 billion in 2021, but the crypto market has collapsed in 2022. Both Bitcoin and Ether are down over 60% from their all-time highs, but Bankman-Fried appears to be betting on a comeback. If cryptocurrencies do bounce back, FTX will be positioned to gain market share with this rumored cash infusion. 


Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

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