Crypto Exchange FTX Now Valued at $32B After Third Fundraise in Six Months

The exchange raised $400 million in a Series C round

article-image

Sam Bankman-Fried; Blockworks Exclusive Art by Axel Rangel

share

key takeaways

  • CEO Sam Bankman-Fried said the exchange will seek to offer more products, gain additional licenses
  • The same investors that put money toward the exchange’s US affiliate’s Series A round last week took part in FTX’s latest fundraise

FTX can’t stop raising money.

The crypto derivative exchanges has raised a fresh $400 million, with the Series C round raising the company’s valuation to $32 billion — and marking FTX’s third raise in the last six months. 

The crypto derivatives exchange had raised $900 million in July, and investors put about $420 million more into the company in October. While the July funding round valued FTX at $18 billion, the raise closed in October put the company’s valuation at $25 billion.

FTX’s user base has grown 60% since the October raise, according to the company, and its average daily trading volume increased by 40%, reaching roughly $14 billion in daily volume. 

The latest $400 million funding round will go toward adding products and expanding the exchange’s global footprint with additional licenses, FTX CEO Sam Bankman-Fried said in a statement.

Acquisitions are expected to be the largest use of the funds, a spokesperson told Blockworks, and potential product plans include building on its consumer financial app. The FTX representative declined to comment about specific licenses and regions under consideration.

Bankman-Fried added that FTX remains focused on working with regulators to offer access to digital assets in a compliant manner.  

FTX’s US affiliate, FTX.US, closed  a $400 million raise last week, which valued the company at $8 billion. FTX.US President Brett Harrison told Blockworks at the time that the business’s priorities include building its derivatives business and evaluating acquisition opportunities.

Some of the investors that participated in the FTX.US round also took part in its parent company’s fundraise, including Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Flashnote Template (6).png

Research

Trading of the President's TRUMP memecoin sent the market capitalization to over $15B, resulting in all-time highs for Solana’s Real Economic Value, DEX volumes, and stablecoin supply. This event further validates Solana as the venue for high-throughput onchain activity, with Solana DEXs and DeFi applications as primary beneficiaries, while also signaling to further experimentation, utilization, and adoption of memecoins as legitimate financial instruments for speculation, crowdfunding, or capital formation. President Trump’s continued willingness to experiment in crypto reaffirms a highly-favorable political and regulatory climate for the industry.

article-image

A Nova Labs exec referred to the last-day lawsuit “as irresponsible as it is wrong-headed”

article-image

Corresponding resolutions were introduced to “roll back the disastrous” rule requiring custodial brokers to report transactions

article-image

Donald Trump has slightly backed off from the ambitious tariff goals he touted on the campaign trail

article-image

Some have called it “a relief” that the task force will be led by the crypto-friendly Hester Peirce

article-image

By leveraging L1 validators for proofing and execution, native rollups remove the need for centralized sequencers and complex governance

article-image

The new task force shows that crypto’s officially entering a new era