FTX Trading Ltd. Closes $900M Series B Round

FTX Trading Ltd. owner and operator of FTX.COM, a cryptocurrency exchange, today announced the closing of a $900 million Series B fundraise, valuing the Company at $18 billion. This new financing round will expand FTX’s global presence, accelerate the Company’s growth, and represents one of the largest raises for a crypto company.

Over 60 investors participated in the $900M Series B, including Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, and Circle.

Since its launch in May 2019, FTX has experienced tremendous growth. The company’s revenues have increased over tenfold this year and 75x since its Series A funding round closed in mid 2020. With over 1 million users and averaging over $10B of daily trading volume, FTX has grown into one of the world’s leading crypto exchanges. The platform serves the entire chain of cryptocurrency trading participants from retail and crypto-native investors, to sophisticated day traders, family offices, and experienced institutional traders.

The funds will allow FTX to further expand its product offerings and user base. The Company will leverage the funds to further enhance its offerings and make strategic investments designed to grow the business. The Company will also look to further expand the network of partnerships it has for its FTX Pay, FTX Liquidity program & FTX NFT business lines as it looks to expand its presence and drive further growth. The investment process was led by the Company’s own ventures team, with help from Paradigm, Ribbit, and BTIG.

Sam Bankman-Fried, CEO of FTX, commented on today’s news: “I’m incredibly humbled by the support we’ve gotten. It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.”

“FTX is the high-quality, global crypto exchange the world needs, and it has the potential to become the leading financial exchange for all types of assets. Sam is the perfect founder to build this business, and the team’s execution is extraordinary. We are honored to be their partners.”  Alfred Lin, partner at Sequoia Capital

“Sam Bankman-Fried is one of those special founders whose vision is both stunningly ambitious and uniquely adapted to the future of crypto. The team’s execution speaks for itself, with FTX growing to become a top global exchange in two years. There’s a bright future ahead for Sam and FTX, and Paradigm is excited to be a part of it.” Matt Huang, co-founder and managing partner at Paradigm