- FTX boss Sam Bankman-Fried says he’s amassed more than $2 billion to bankroll acquisitions.
- He wants to expand FTX from a crypto exchange into a multi-asset trading platform.
- Bankman-Fried, who recently invested in Robinhood, said cheap deals appeal to him.
Cryptocurrency billionaire Sam Bankman-Fried says FTX has amassed more than $2 billion to spend on acquisitions and stakes in other companies.
He wants to expand FTX from a crypto exchange into a platform where users can trade multiple assets including stocks, he told Bloomberg.
“FTX is a profitable company,” Bankman-Fried said. “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.”
Bankman-Fried and FTX have been on quite the shopping spree lately, snapping up stakes in LedgerX, a Commodity Futures Trading Commission-regulated exchange, and two trading platforms, IEX Group and Robinhood Markets.
“It’s always something that we’re going to be open to and keeping our ears to the ground on,” Bankman-Fried said, referring to buying and investing in other businesses.
News of Bankman-Fried’s 7.6% position in Robinhood Markets helped push the online brokerage’s stock price up as much as 30% earlier this month. The FTX boss pounced after Robinhood’s stock fell to its lowest point since its post-IPO peak last August, partly reflecting the revelation it was cutting hundreds of jobs.
Its stock price has steadily fallen from $38 per share on its market debut to about $10 today, per Yahoo Finance. The reduced price undoubtedly appealed to Bankman-Fried. “If it’s cheap, sure,” he told Bloomberg about what piques his interest in acquisitions.
Bankman-Fried told Bloomberg his ambition to turn FTX into a multi-asset trading platform stems from his desire to give customers all of the financial services they need in one app.
FTX.US president Brett Harrison has shared a similar vision for the company. “What we eventually want to offer is an everything app for financial services,” he said, after the crypto exchange announced plans to give its customers a fee-free stock-trading service.