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Market Analysis Report (22 Sep 2022)

Date:

Sam Bankman-Fried’s cryptocurrency exchange FTX is reportedly in talks with investors to raise up to $1 billion in new funding that would keep the company’s valuation at around $32 billion. Negotiations are said to be ongoing and the terms could change.

FTX last raised capital in January and existing investors in the company include Singapore’s Temasek, Softbank’s Vision Fund 2, and Tiger Global. Some of the exchange’s rivals have suffered during the ongoing crypto winter, while FTX has been billing itself as a market consolidator.

Some of the raised capital would go to fuel more deals, such as the one FTX signed with crypto lender BlockFi, which gives it the option to buy the firm. FTX was also in discussions to acquire South Korean exchange Bithumb.

FTX’s revenue reportedly soared more than 1,000% in 2021 to $1.02 billion, from $89 million in the prior year. The company’s net income of $388 million last year dwarfs the $17 million from a year earlier.

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  • Source: https://www.cryptocompare.com/email-updates/daily/2022/sep/22/

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