According to a CNBC report, Sam Bankman-Fried’s crypto conglomerate FTX talking to investors to raise up to $1 billion in new funding at a valuation of around $32 billion. While FTX competitors have been struggling in this year’s “crypto winter,” the Bahama-based FTX billed itself as the market consolidator, swooping in to buy distressed assets at a discount. The company is private and thus hasn’t suffered the stock meltdown of exchange-list Coinbase, which has lost three-quarters of its value in 2022.
The potential $1 billion funding round would add to the $400 million FTX raised in January 2022 and could signal strong investor faith despite the desperate market environment and the ongoing “crypto winter.”
The Wall Street Journal (WSJ) reported this week that both Binance and FTX would be the leading bidders for the assets of collapsed crypto broker Voyager Digital. Binance allegedly bid around $50 million, and FTX is just slightly under that figure. The auction is running until Sept. 29, and the WSJ stated that neither bid had been accepted at this stage.
