FTX CEO Sam Bankman-Fried says the company still has $1 billion to make acquisitions of troubled crypto companies. Not only did FTX stand firm in the reverse mag bear market it was also known as a savior during the crisis.
“We did not try to empty the coffers, so to speak. We had a couple billion going into this, and it lines up roughly with the amount that we’ve raised over the last year and on top of that we’ve been profitable.”He said
The 30-year-old billionaire says it was a result of stashing away ample cash, keeping overhead low, avoiding lending and being able to move quickly as a private company.
When asked if he had about a $1 billion left to deploy, Bankman-Fried said,
“Yeah, and you have the issue of how much we really feel comfortable deploying seeing as there’s another ballpark billion that is completely unencumbered. [That] certainly would get you within a factor of two [of] the right answer.”
Some time ago, the CEO of FTX also said that he is willing to help crypto companies facing difficulties due to the market downturn to maintain and develop the common market.
The crypto industry has seen billions of dollars wiped out in the weeks surrounding the collapse of Terraform Labs LUNA/USD and the failure of crypto hedge fund Three Arrows Capital. Lenders exposed to the Three Arrows were also hit hard and set up a dominoes regime. Bitcoin, the world’s largest cryptocurrency, has lost more than half of its value this year.
However, FTX not only stood still, but also took the opportunity to expand its empire. In July, FTX signed an agreement giving it the option to buy BlockFi from a lender after offering a $250 million line of credit. FTX also extended $500 million to Voyager Digital, which has since declared bankruptcy and is in discussions to acquire South Korean crypto exchange Bithumb.
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