Axios Pro Exclusive Content

FTX gears up for more M&A with funding talks

Lucinda Shen
Jul 21, 2022
Illustration of Benjamin Franklin peering out from behind a pile of crypto coins.
Illustration: Gabriella Turrisi/Axios

Crypto exchange FTX and its U.S. affiliate FTX US are in talks to raise an undisclosed amount of funding at a valuation similar to their last respective rounds of funding, Bloomberg reported, citing sources.

Why it matters: Already a major dealmaker in the recent downturn, the additional funding could set the company up to cut even larger acquisition checks.

Of note: A source with knowledge of the matter tells Lucinda that the new funds would primarily be for additional dealmaking. The source says the new capital could allow the crypto exchange to pursue a deal as large as $3 billion in value.

  • FTX declined to comment when asked about the fundraising plans.

Context: FTX CEO Sam Bankman-Fried has been on a dealmaking spree in recent months, seeking to shore up the balance sheets of some distressed crypto companies.

Go deeper