The head of FTX: the exchange will spend “billions” to buy shares in other companies

Cryptocurrency exchange FTX will spend "billions" of dollars to acquire stakes in other companies toexpand your product line. This was stated in a conversation with Bloomberg by its head Sam Bankman-Fried.

“FTX is a profitable company.You can look at the amount we've raised in the last year or two—several billion dollars. That gives a sense of where we are in terms of cash on the balance sheet, which was clearly being looked at as a [tool] for potential acquisitions,” he said.

In July 2021, FTX raised $900 million throughSeries B funding round, which was subsequently raised to $1 billion. In October of that year, the company closed a Series B-1 round worth more than $420 million, after which its valuation reached $25 billion.

In January 2022, FTX received investments in the amount of $400 million. The exchange was valued at $32 billion. In the same month, the American branch of the company raised a similar amount with a valuation of $8 billion. 

The firm is actively absorbing sector players andacquires shares in relevant organizations. Last year, FTX.US bought cryptocurrency derivatives platform LedgerX and its parent company bought Japanese bitcoin exchange Liquid.

“We have always been open to this and will continue to keep our eyes open,” Bankman-Fried commented on the FTX deal.

The head of the company noted that its goal is to offerinvestors a wide range of products, including classic stock trading. According to him, the exchange is interested in acquiring projects with a large number of users or teams with extensive experience in areas outside the competence of FTX.

Let us recall that in May, CNBC journalists learned about the company’s plans to buy one of the “unicorns” of the online brokerage sector.