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Saturday, February 24, 2024
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FTX Scores $18B Valuation in Massive Funding Round

  • FTX raised $900 million from a group of over 60 investors.
  • The raise values FTX at $18 billion.
Rick Scuteri-USA TODAY Sports/Design: Alex Brooks

As cryptocurrency demonstrates its enduring popularity, crypto exchanges are scoring huge valuations.

FTX closed a $900 million Series B funding round on Tuesday that values the company at $18 billion. It is the largest private funding round in the crypto industry’s history

No stranger to pooling funds, FTX ran the round itself without tagging a lead investor. The 60-plus investors included SoftBank, Coinbase Ventures, Lightspeed Venture Partners, Ribbit Capital, and Sequoia Capital. 

FTX CEO Sam Bankman-Fried said the goal of the raise was to establish partnerships and gather funds for mergers and acquisitions.

The company has leaned hard into sports to grow its brand.

  • FTX owns naming rights to the Miami Heat’s arena on a 19-year, $135 million deal.
  • In June, FTX became the official cryptocurrency partner of Major League Baseball and the first brand to advertise on a patch worn by umpires.
  • That same month, it signed up Tom Brady as a brand ambassador. 
  • Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange.

Bitcoin and Ethereum prices have fluctuated this summer after their lofty peaks in May. Following a selloff on Monday, Bitcoin dropped below $30,000 for the first time since January.

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