Bankman-Fried's Crypto Exchange FTX Is In Talks to Raise Funds After Buying Spree
(Bloomberg) -- Crypto exchange FTX, co-founded by billionaire Sam Bankman-Fried, is in talks to raise fresh funding after carrying out a shopping spree during the recent digital-assets market rout.
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FTX and its American entity FTX US are both fundraising, according to people familiar with the matter who aren’t authorized to discuss ongoing discussions. FTX is targeting a round at essentially the same valuation as its January fundraising, the people said. In January, FTX announced it raised $400 million at $32 billion valuation, while FTX US raised a separate $400 million at an $8 billion valuation.
A spokesperson for FTX declined to comment when asked about the talks.
Bankman-Fried has positioned himself as a lender of last resort in a crypto industry roiled by a collapse in prices that prompted a number of firms to seek rescue. In all, he committed about $1 billion during the digital-asset rout that’s wiped out $2 trillion in market value in only eight months.
Read More: Sam Bankman-Fried Expands Crypto Empire During $2 Trillion Rout
He propped up crypto lending platform BlockFi, and tried to save Voyager Digital with a large loan. He has said he backstopped a couple of companies where his involvement hasn’t been made public.
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