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Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals

Billionaire and FTX co-founder Sam Bankman-Fried said the leading crypto asset exchange aims to make a number of acquisitions and could spend up to $2 billion on such efforts. The FTX chief executive officer highlighted in a recent interview that a fraction of the funds raised by the company were “explicitly viewed from a potential acquisition angle.”

Bankman-Fried explained during the interview with Bloomberg’s Versprille and Yang that the company’s war chest of funds could be leveraged for a number of acquisitions.

“FTX is a profitable company,” the FTX executive explained. “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.”

The FTX co-founder further detailed that the company wants to be able to offer customers more products so they can stay on the platform for all their needs, Bankman-Fried remarked. As far as acquisitions are concerned, Bankman-Fried said the firm is keeping a focused lookout. The FTX executive added:

It’s always something that we’re going to be open to and keeping our ears to the ground on.

What do you think about the FTX CEO explaining its plans to use funds to acquire companies and expand? Let us know what you think about this subject in the comments section below.


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