FTX’s Sam Bankman-Fried says he has over $2 billion for acquisitions

  • FTX boss Sam Bankman-Fried said he has raised more than $2 billion to fund acquisitions.
  • He wants to expand FTX from a crypto exchange to a multi-asset trading platform.
  • Bankman-Fried, who recently invested in Robinhood, said the cheap deals appealed to him.

Cryptocurrency billionaire Sam Bankman-Fried claims that FTX has raised over $2 billion to spend on acquisitions and stakes in other companies.

He wants to expand FTX from a crypto exchange to a platform where users can trade multiple assets, including stocks, he told Bloomberg.

“FTX is a profitable business,” Bankman-Fried said. “You can look at the amount we’ve raised over the last couple of years – it’s a couple billion dollars. Maybe that gives an idea of ​​where we are in terms of money that has been explicitly considered under the angle of a potential acquisition.”

Bankman-Fried and FTX have been doing a lot of shopping lately, taking stakes in LedgerX, an exchange regulated by the Commodity Futures Trading Commission, and two trading platforms, IEX Group and Robinhood Markets.

“It’s always something we’re going to be open to and keep our ears open to,” Bankman-Fried said, referring to buying and investing in other businesses.

News of Bankman-Fried’s 7.6% position on Robinhood Markets helped push the online brokerage’s stock price up 30% earlier this month. The FTX boss surged after Robinhood’s stock fell to its lowest level since its post-IPO peak last August, partly reflecting the revelation that it was cutting hundreds of jobs.

Its stock price has steadily fallen from $38 per share when it debuted on the market to around $10 today, according to Yahoo Finance. The reduced price undoubtedly appealed to Bankman-Fried. “If it’s cheap, of course,” he told Bloomberg of what piques his interest in acquisitions.

Bankman-Fried told Bloomberg that his ambition to turn FTX into a multi-asset trading platform stems from his desire to provide clients with all the financial services they need in a single application.

FTX.US President Brett Harrison shared a similar vision for the company. “What we ultimately want to deliver is a complete financial services app,” he said, after the crypto exchange announced plans to offer its customers a cryptocurrency trading service. free shares.

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