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Illustration: Sarah Grillo/Axios

FTX, a global cryptocurrency exchange, raised $420.69 million in new Series B funding at a $25 billion valuation.

Why it matters: The new cash and stock value should help three-year-old FTX make more large acquisitions, like the recent buy of U.S. crypto futures exchange LedgerX, as it tries to narrow the gap with global rival Binance and U.S. rival Coinbase.

Investors include Ontario Teachers, Temasek, Sequoia Capital, Sea Capital, IVP, Iconiq, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and BlackRock. For the sake of added crypto Reddit cred (beyond the $420.69), the press release notes there are exactly 69 investors.

Bonus: I interviewed FTX founder and CEO Sam Bankman-Fried for this Sunday night's episode of "Axios on HBO," from his new headquarters in the Bahamas.

The bottom line: FTX is known for catering to sophisticated crypto traders, but its recent sports sponsorship blitz ⁠— buying naming rights to the Miami Heat arena and stitching its logo into MLB playoff umpire uniforms ⁠— suggests a hard push into the retail market.

Go deeper

Felix Salmon, author of Capital
Nov 20, 2021 - Economy & Business

A billionaire's crypto win

People take pictures of a copy of the U.S. Constitution during an auction at Sotheby's last night. Photo: Yuki Iwamura/AFP via Getty Images

The story of a group of cryptocurrency traders failing to buy a copy of the Constitution shows just how much of a gulf there still is between the real world and the crypto world.

Driving the news: Hedge fund billionaire Ken Griffin outbid a group of 17,437 donors in an auction at Sotheby's last night, promising to pay $47.4 million for the document.

Updated 42 mins ago - Politics & Policy

Congressional leaders clinch support for crucial defense bill, debt limit votes

Senate Majority Leader Chuck Schumer passes waiting reporters on Tuesday. Photo: Eric Lee/Bloomberg via Getty Images

Congress has found a shortcut to pass its annual defense funding bill and raise the debt limit.

Driving the news: The House voted Tuesday night on two major bills — one creating a one-time, fast-track process for the Senate to raise the debt ceiling with just 51 votes, and another passing its annual defense bill.

House passes annual defense bill

Speaker of the House Nancy Pelosi. Photo: Chip Somodevilla/Getty Images

The House voted to pass the annual defense bill 363-70 on Tuesday night, authorizing nearly $770 billion in funding for defenses and national security programs.

Why it matters: The National Defense Authorization Act (NDAA) still has to clear the Senate, but the House passage greatly increases the chances that the must-pass defense bill will move through both chambers of Congress before the end of the year.