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Illustration: Shoshana Gordon/Axios

FTX, a Hong Kong-based cryptocurrency exchange that launched in 2019, raised $900 million in Series B funding at an $18 billion valuation.

Why it matters: It's the largest-ever VC round for a crypto company, let alone for an exchange that prohibits Americans from trading on its primary marketplace.

What FTX is tweeting: "We'd like the fanciest bean bag you have sir."

Investors include Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading and Circle.

For your ears: Axios Re:Cap digs into the conflict between climate and crypto, with investor Anthony Pompliano.

For your eyes and ears: The ₿ Word event today will host a live conversation on Bitcoin with Elon Musk, Jack Dorsey and Cathie Wood.

The bottom line: "The financing comes after a boom in cryptocurrency trading in the past year, which has sent investors flooding into the sector. VCs have invested $7.3 billion in nearly 670 cryptocurrency startup deals since the start of 2021, according to PitchBook, already surpassing the dollar total for all of last year." — Miles Kruppa, FT

Go deeper

New York AG orders two unregistered crypto lenders to shut down

New York Attorney General Letitia James speaking during a press conference in New York City in August. Photo: David Dee Delgado/Getty Images

New York Attorney General Letitia James on Monday ordered two unregistered cryptocurrency lending platforms to cease operating in the state within 10 days and requested three other platforms to send her office information about their activities and products.

Why it matters: Due in part to a lack of clear regulations, crypto companies have been making various moves — and finding out that not all regulators agree with them.

ProShares launching Bitcoin ETF linked to futures market

Illustration: Aïda Amer/Axios

ProShares will debut Tuesday on the New York Stock Exchange an exchange-traded fund linked to bitcoin futures that trade on the Chicago Mercantile Exchange, according to the New York Times.

Why it matters: While it's not a true "Bitcoin ETF," with direct holdings of the digital token, ProShares' fund could be a first step in the SEC finally approving one after years of passing on or delaying all proposals.

School enrollment fell by almost 3 million from 2019 to 2020

Kindergarten student Natalia Bayoumi holds the hand of her father Amir Bayoumi as he walks to the front door of Normont Elementary School in Harbor City, CA. Photo: Al Seib / Los Angeles Times via Getty Images

The number of individuals enrolled in the U.S. education system dropped by 2.9 million from 2019 to 2020, according to new data released Tuesday by the Census Bureau.

Why it matters: This marks the lowest level of school enrollment for those under 35 years-old in over 20 years, per the Census Bureau.