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Seeking Alpha 2022-09-14 20:49:06

Bankman-Fried's FTX explores capital raise to fund potential takeovers - report

Bankman-Fried's FTX explores capital raise to fund potential takeovers - report

FTX, the cryptocurrency exchange owned by billionaire investor Sam Bankman-Fried, is looking to raise money to fund a number of potential takeovers, according to a Wednesday report by CoinDesk, citing a person with knowledge on the matter.Some of FTX's possible acquisition candidates were said to include retail-trading platforms in a move that could bring new users to the exchange. But FTX is in early discussions with the unidentified candidates, so nothing is final yet.Despite the lingering crypto bear market, FTX, which has purchased certain distressed crypto-related firms in recent months, is eyeing a fundraise at a $32B valuation, around the same value when it raised funds in July as well as in January.FTX did not immediately respond to a request for comment by Seeking Alpha.Bankman-Fried is already linked with retail trading after taking a 7.6% stake in Robinhood Markets (HOOD) in May.Last week, (Sep. 9) Scaramucci's SkyBridge Capital sells 30% stake to FTX Ventures.

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