FTX Hits $25B Valuation

Crypto exchange FTX announced a massive funding round, bringing in $420.7 million at a $25 billion valuation. 

The company has leaned heavily into sports to introduce its brand to a broader audience.

“Diehard sports fans are typically going to be males, 18 to 35, with disposable income, which aligns nicely with the demographic of your typical retail trader,” FTX head of partnerships Sina Nader told Front Office Sports.

• FTX owns naming rights to the Miami Heat’s arena on a 19-year, $135 million deal.
• In August, the company struck a 10-year, $17.5 million naming rights deal for UC Berkeley’s football field, which will be known as FTX Field at California Memorial Stadium.
• Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange.
• In June, FTX announced equity deals with Tom Brady and supermodel Gisele Bundchen and became the first brand to advertise on a patch worn by MLB umpires.

Nader mentioned that FTX’s relationship with MLB is “long-term” and that “lots more” is in the works, and noted that the company wants to bring more women into crypto.

FTX launched a sports-focused NFT marketplace earlier in October and NBA star Steph Curry took a stake in the exchange the month prior.