Crypto exchange FTX and its United States subsidiary FTX US have reportedly each set new fundraising targets following the firms planning several high profile acquisitions and credit lines to firms.
According to a Wednesday report from Bloomberg, FTX co-founderraising money matching that of a January funding round, in which the firm , bringing it to $32 billion in valuation. FTX US reportedly set similar goals, to reach a $8 billion valuation.
The report followed both firms acquiring many companies seemingly experiencing financial difficulties amid the crypto market downturn. FTX US announced in May it planned toas part of a deal aimed at “enhancing” the company’s stock offering. The exchange subsequently for a $400-million revolving credit facility which left the door open for FTX US to buy the crypto lending firm.
FTX has also made its own forays into new acquisitions, announcing in June it hadto purchase Canadian crypto platform Bitvo, and was reportedly considering purchasing Robinhood. Bankman-Fried said during an NPR interview at the time that his firms had a responsibility to assess the situation and step in if needed, as part of efforts to “stem contagion” and prevent a collapse.
These efforts included supplying crypto brokerage firm Voyager Digital with a 200 million USD Coin () loan and a “revolving line of credit” of 15,000 Bitcoin ( ) through Alameda — also under the leadership of Bankman-Fried.
happy to return the Voyager loan and get our collateral back whenever works for voyager
— Alameda Research (@AlamedaResearch)
The FTX co-founder said in June that unlike many other crypto exchanges, the firma hiring freeze. Total estimates suggest that through Alameda and FTX, Bankman-Fried has committed roughly $1 billion into acquisitions and financial support for crypto firms.
Cointelegraph reached out to FTX , but did not receive a response at the time of publication. FTX US did not comment on the report.