FTX Plans to Spend Billions of Dollars to Buy Stakes in Other Companies
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Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, has recently said in an interview with Bloomberg that the platform intends to spend "billions" of dollars to acquire stakes in other companies in order to expand its product line.

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He has said:

"FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two -- it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle."

FTX raised $900 million in July of last year in a Series B funding round that ended up raising $1 billion. In October of the same year, the company completed a Series B-1 round of more than $420 million, resulting in the exchange's valuation reaching $25 billion.

The exchange received a $400 million investment in January, bringing its valuation to $32 billion.

Last week we reported that the CEO of the crypto derivatives exchange had been named one of the 100 most influential people of 2022 by TIME magazine.

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