CNBC reports FTX is raising up to $1 billion in new funding at a valuation close to the $32 billion previously established. Funding amount will be transferred to additional trading activity. Billionaire Sam Bankman-Fried’s company is still expanding with a flurry of acquisitions during the crypto winter.
Crypto exchange FTX is apparently in talks to raise up to $1 billion in new capital while maintaining a valuation similar to the previously estimated $32 billion, according to CNBC, which broke the news first.
In July of this year, the company was trying to raise additional capital. Reports at the time claimed it sought a valuation comparable to its prior raise. The exchange raised $400 million at a $32 billion valuation in the January Series C transaction.
Terms could alter as long as negotiations continue. The money would be used to close more deals, according to CNBC.
Since the beginning of the crypto winter, FTX has gone on a buying binge, investing in troubled assets and striking deals with suffering businesses. It arranged a contract with BlockFi in June that lays out a strategy for acquiring the lender.
FTX also extended $500 million to Voyager Digital, which has since declared bankruptcy and is in discussions to acquire South Korean crypto exchange Bithumb. Currently, FTX and Binance are also leading the way in asset acquisitions by bankrupt crypto company Voyager Digital.
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