Singaporean investment companies Temasek, SoftBank, and Tiger Global are among existing investors who agreed to fund FTX in the upcoming round.
The exchange giant also held a funding round in January and raised $400 million to reach $32 billion in valuation. Meanwhile, its U.S.-based derivative unit, FTX US, raised another $400 million for itself in the same round and increased its valuation to $8 billion.
Investments so far
SBF has been focusing on investments and acquisitions from all angles. On May 2022, FTX purchased 7.6% of Robinhood for $648.3 million. Even though it’s a small funding in contrast to the size of FTX, it nonetheless saved Robinhood’s struggling shares and led to a rise of 36%.
One month later, SBF lent a hand to BlockFi. CryptoSlate reported the information when SBF was in talks with the troubled change and two different potential traders. As a results of the negotiations, SBF loaned $400 million in credit score to the change. Afterward, BlockFi provided the choice to buy the complete firm for up to $240 million relying on its efficiency.
In July, it was revealed that South Korean change Bithumb and FTX had been negotiating an acquisitions settlement for 2 months. Even although the negotiations aren’t concluded but, buying Bithumb would serve two principal objectives of SBF: increasing over Asia and stopping additional contagion in the market.
In the meantime, SBF-owned Alameda Ventures have been persevering with its investments individually. In June, Alameda loaned 15,000 Bitcoin (BTC) and $200 million in money and USDC to Voyager Digital in an try to save the due to its publicity to Three Arrows Capital. However, the makes an attempt weren’t sufficient, as each entities went bankrupt in the next weeks.
Ivoyagernvestments earlier than the winter market
In actuality, mergers and acquisitions have been a prime precedence for FTX even earlier than the winter market began. In the early days of the bear market, FTX US president Brett Harrison said that the corporate was looking to buy native companies to broaden overseas.
“We’re doing that globally, in places like in Japan, Australia, in Dubai, different places where we’ve been able to either partner with local companies or sometimes do acquisitions to be able to get licenses that we need,”
Following their plan, FTX inked an settlement to acquire the Japanese crypto change Liquid on February 2022. The quantity spent by FTX was not disclosed; nevertheless, Liquid was an important step for FTX’s growth over Asia.