Sam Bankman-Fried's crypto conglomerate FTX is in talks with investors to raise up to $1 billion in new funding that would keep the company'

FTX in talks to raise up to $1 billion at valuation of about $32 billion, in-line with prior round

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2022-09-22 02:30:23

Sam Bankman-Fried's crypto conglomerate FTX is in talks with investors to raise up to $1 billion in new funding that would keep the company's valuation at roughly $32 billion, according to people with knowledge of the discussions.

Negotiations are ongoing and the terms could change, said the sources, who asked not to be named because the talks are confidential. Coindesk previously reported on a coming investment at flat valuation, following FTX's last capital raise in January. Existing investors include Singapore's Temasek, SoftBank's Vision Fund 2 and Tiger Global.

While its rivals and peers have been pummeled in this year's "crypto winter," FTX has tried to bill itself as the market consolidator, swooping in to buy distressed assets at a discount. The company, which is based in the Bahamas, is privately held so it hasn't suffered the stock meltdown of Coinbase, which has lost three-quarters of its value in 2022.

Some of the fresh capital, on top of the $400 million round from January, would go to fuel more deal-making, the sources said. In July, FTX signed a deal that gives it the option to buy lender BlockFi, and the company was in discussions to acquire South Korean Bithumb. FTX also offered to buy bankrupt crypto brokerage Voyager Digital in August but was turned down for what was called a "low ball bid."

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