Exchanges

FTX is valued at $25 billion after raising $420 million

  • Crypto exchange group FTX announced the completion of a funding round that values the company at $25 billion,
  • The announcement comes just a few months after the company had received more than $900 million in a Series B round
  • The company is doing its best to become the largest exchange and has also expanded its business

On Thursday, crypto exchange group FTX announced the completion of a funding round that values the company at $25 billion, injecting $420.69 million of fresh capital.

69 investors participated in the funding round

The announcement comes just a few months after the company had received more than $900 million in a Series B round from VanEck, Circle, Softback, and investor Paul Tudor Jones, valuing the company at $18 billion. In the recent funding round, 69 investors participated, including Tiger Global, Ribbit Capital, and “funds and accounts managed by BlackRock.” Other participants include Lightspeed Ventures, Sequoia Capital, and Sea Capital.

The founder of FTX Sam Bankman-Fried thinks new investors have decided to invest in the exchange because of the recent growth. Open interest in FTX’s bitcoin futures market had risen to nearly $4 billion since May, when open interest was about $1 billion. Rival Binance saw nearly $5.5 billion this week.

FTX recently expanded its business

The company is doing its best to become the largest exchange and has also expanded its business by launching a platform where users can trade NFTs on and acquiring futures platform LedgerX for an undisclosed amount. Still, FTX just like every other exchange has to be careful to not get in trouble with regulators. The company, which recently moved its headquarters from Hong Kong to the Bahamas, is still not allowed to operate in New York. Its intent is to provide access to customers in the state in the next year.

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