FTX Revenue, Valuation, Funding & Investors

FTX is not operational anymore. Its last reported valuation was $32B as of January 2022.

See full FTX profile

Last FTX valuation

$32B

Series C · Jan 2022

Last FTX funding round

$400M

Series C · Jan 2022

FTX revenue

$1B

Series C · Jan 2022

Key investors in FTX

  • Sequoia Capital
  • SoftBank Group
  • Temasek
  • Ontario Teachers' Pension Plan
  • Race Capital
  • Lightspeed Venture Partners

FTX Overview

About FTX

FTX is a bankrupt cryptocurrency exchange and crypto hedge fund group that was founded in May 2019 by Sam Bankman-Fried and Gary Wang. It is headquartered in Nassau in the Bahamas and incorporated in Antigua and Barbuda, and it ran a separate US exchange, FTX US. At its peak in July 2021 it had more than one million users and was the third-largest cryptocurrency exchange by volume, and it reported 2021 revenue of US$1.02 billion. Its venture arm, FTX Ventures, was reported to have deployed more than US$5.2 billion across more than 400 companies, including large stakes in Anthropic, Solana and Sui. The group also bought businesses such as Blockfolio, LedgerX and Liquid. FTX filed for Chapter 11 bankruptcy on 11 November 2022, and John J. Ray III became chief executive to oversee recovery of funds for creditors.


Founded

2019

HQ

BahamasNassau

Website

ftx.com

Status

Closed

Customer focus

B2C

Revenue model

Commission

Revenue

$1B (Jan 2022)

Valuation

$32B (Jan 2022)

FTX Valuation

FTX is insolvent and not operational anymore. Read the announcement ↗

FTX was last valued at $32B, based on its Series C in January 2022. Read the announcement ↗

The $400M round was led by SoftBank Group and Temasek.

FTX's valuation grew 1.8x from $18B at its Series B in July 2021 to $32B in January 2022, across 4 priced rounds.

FTX valuation by funding round

Revenue multiple
FTX valuation by funding round
DateStageValuationRevenue Multiple
Nov 2022Write-down · Insolvency$0-
Jan 2022Series C$32B31.4x
Jan 2022Series A$8B-
Oct 2021Series B$25B24.5x
Jul 2021Series B$18B15.0x

FTX Revenue

FTX's latest recorded revenue is $1B, as of its Series C in January 2022. At a $32B valuation, that implies a 31.4x revenue multiple.

Revenue moved from $1.2B in July 2021 to $1B in January 2022, while the revenue multiple moved from 15.0x to 31.4x.

FTX revenue by funding round

FTX revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2022$1B$32B31.4xSeries C
Oct 2021$1B$25B24.5xSeries B
Jul 2021$1.2B$18B15.0xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

FTX Funding History

Before winding down, FTX has raised a total of $2.2B across 5 funding rounds.

FTX's first fundraising round was a $8M seed round in August 2019. The most recent completed round was a $400M Series C in January 2022.

FTX funding rounds

FTX funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series CSoftBank Group (lead); Temasek (lead)$400M$32BFTX, a cryptocurrency exchange, raised a $400 million funding round in January 2022 led by SoftBank Vision Fund 2 and Temasek Holdings, among other investors including NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital, Lux Capital, Mayfield, Insight Partners, Lightspeed Venture Partners, Ribbit Capital, BlackRock, and Thoma Bravo. The round valued FTX at $32 billion post-money. SoftBank invested just under $100 million in this round, later written down to zero following FTX's bankruptcy. This $400 million raise came shortly after FTX Trading's prior series B-1 round of $421 million at a $25 billion valuation and a $900 million round in July 2021 at $18 billion. Separately, FTX US (the US subsidiary) raised $400 million in a series A round around the same time from SoftBank Vision Fund 2, Temasek, Multicoin Capital, Paradigm, Ontario Teachers’ Pension Plan, Greenoaks Capital, Steadview Capital, NEA, and Lightspeed at an $8 billion valuation to expand user base, launch new products, and develop derivatives. The funding occurred amid rapid growth in crypto exchanges, with FTX positioning as a major player before its dramatic collapse later in 2022, leading to investor losses and bankruptcy scrutiny over due diligence.
Jan 2022Series AMulticoin Capital (lead); Paradigm (lead); SoftBank Group (lead); Temasek (lead); Greenoaks; New Enterprise Associates; Ontario Teachers' Pension Plan; Steadview Capital; Tribe Capital; Lightspeed Venture Partners; Bond; Race Capital$400M$8BFTX US, the U.S. affiliate of the cryptocurrency exchange FTX, raised $400 million in its Series A funding round on January 26, 2022, at an $8 billion valuation. Investors included Lightspeed Venture Partners, SoftBank Vision Fund 2, Multicoin Capital, Paradigm, Steadview Capital, Temasek, NEA, Tribe Capital, Ontario Teachers’ Pension Plan Board, Greenoaks Capital, and others, with Multicoin Capital, Paradigm, SoftBank Group, and Temasek as leads. The Chicago-based exchange, launched in 2020, competed with Coinbase and Binance, achieving rapid growth in 2021 with average daily volume of $360 million in Q3 and over 1 million users. In October 2021, FTX US acquired LedgerX, a regulated cryptocurrency derivatives exchange, and rebranded it as FTX US Derivatives, enabling offerings of crypto derivatives for retail and institutional investors. The funding was intended to accelerate growth, expand U.S. presence, ensure regulatory compliance, pursue strategic investments and acquisitions, launch new business lines including cryptocurrency futures and options for retail traders in 2022, and intensify derivatives efforts. The NFT marketplace and partnerships like NBA star Stephen Curry as ambassador boosted traffic and customer acquisition. FTX US aimed to become a universal platform for cryptocurrencies and traditional financial instruments, with reports in January 2022 of exploring stock trading additions. This round valued FTX US at $8 billion separately from the parent FTX Trading's $32 billion Series C, combining to surpass Coinbase's market cap at the time. Competition included Coinbase's acquisition of FairX for U.S. derivatives.
Oct 2021Series BOntario Teachers' Pension Plan (lead); Sequoia Capital (lead)$421M$25BFTX, a cryptocurrency exchange based in the Bahamas, raised $420 million in its Series B-1 round in October 2021, bringing the company's post-money valuation to $25 billion. The round saw participation from 69 investors including Ontario Teachers' Pension Plan Board (investing $75 million through its Teachers' Innovation Platform), Sequoia Capital, Temasek, Tiger Global, IVP, Lightspeed Venture Partners, and funds managed by BlackRock. This funding round came three months after FTX's initial $1 billion Series B round in July 2021, which had valued the company at $18 billion. The October 2021 funding represented substantial momentum, with the company demonstrating significant traction: its user base had grown 48% and average daily trade volume increased 75% to $14 billion per day since the July round. FTX had recently established its global headquarters in the Bahamas, secured regulatory licenses in the Bahamas and Gibraltar, and its U.S. affiliate FTX US had acquired LedgerX (a CFTC-regulated digital currency futures and options exchange) and launched an NFT marketplace. The company indicated plans to deploy capital toward expanding into equities, prediction markets, and other adjacent markets, while broadening its regulatory footprint.
Jul 2021Series BSequoia Capital (lead)$1B$18BFTX, a Bahamas-based cryptocurrency derivatives exchange, raised $900 million in a record Series B funding round on July 20, 2021, achieving a post-money valuation of $18 billion. Sequoia Capital was among over 60 investors, including VanEck, Izzy Englander, Alan Howard, and the Paul Tudor Jones family. The funds were intended for strategic partnerships, acquisitions, and growth, following a prior valuation of $1.2 billion in 2020. CEO Sam Bankman-Fried highlighted the round's focus on aligning with allies to expand the platform. Notably, prior investor Binance had divested its stake amicably before the round. This investment marked Sequoia's entry, later written down to zero amid FTX's 2022 collapse. Two months later, FTX closed a $420 million Series B-1 extension, updating the Series B total to $1 billion and raising valuation to $25 billion, with Temasek also participating in the original Series B.
Aug 2019SeedKenetic; Consensus Lab; Galois Capital; FBG Capital; Race Capital$8M-FTX raised $8 million in funding on August 6, 2019, from Proof of Capital, Consensus Lab, FBG Capital, and Galois Capital. Incubated by Alameda Research, a quantitative trading firm managing over $100 million in digital assets and trading up to $1 billion per day, FTX is a cryptocurrency derivatives exchange built by experienced traders from firms like Jane Street, Susquehanna, and Optiver. The platform offers futures trading, leveraged tokens, and an OTC portal with features like a liquidation engine to prevent clawbacks and a backstop liquidity provider system.

Who has invested in FTX?

17 investors have backed FTX across its funding rounds, including Sequoia Capital, SoftBank Group, Temasek, Ontario Teachers' Pension Plan, Race Capital and Lightspeed Venture Partners.

Lead investors include SoftBank Group, Temasek, Multicoin Capital, Paradigm, Ontario Teachers' Pension Plan and 1 other investor.


FTX Investors

Investors in FTX by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore2LeadJan 2022
SoftBank GroupJapanTokyo2LeadJan 2022
Ontario Teachers' Pension PlanCanadaToronto2LeadOct 2021
Sequoia CapitalUnited StatesSan Francisco, CA2LeadJul 2021
Race CapitalUnited StatesSan Francisco, CA2ParticipantAug 2019
GreenoaksUnited StatesSan Francisco, CA1ParticipantJan 2022
KeneticHong KongHong Kong1ParticipantAug 2019
New Enterprise AssociatesUnited StatesMenlo Park, CA1ParticipantJan 2022
Consensus LabChinaBeijing1ParticipantAug 2019
Multicoin CapitalUnited StatesAustin, TX1LeadJan 2022
Steadview CapitalUnited KingdomLondon1ParticipantJan 2022
Tribe CapitalUnited StatesSan Francisco, CA1ParticipantJan 2022
Galois CapitalUnited StatesSan Francisco, CA1ParticipantAug 2019

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Acquisitions by FTX

FTX has acquired 9 companies to date.

Last acquisition by FTX was on November 24th 2022. FTX acquired Bitocto for $7M.


Latest Acquisitions by FTX

Bitocto
Embed Financial Technologies
Digital Assets
Storybook Brawl
Description
Bitocto is an Indonesian cryptocurrency exchange that facilitates secure trading of Bitcoin, Ethereum, and local tokens like IDRT stablecoin. The platform emphasizes user-friendly interfaces, high liquidity through market maker partnerships, and compliance with Bappebti regulations for Southeast Asian investors.
Embed Financial Technologies is a U.S.-based fintech providing APIs for securities execution, clearing, settlement, and custody. The platform serves broker-dealers, RIAs, banks, and trust companies with modern infrastructure for compliant trading workflows.
Digital Assets is a Liechtenstein-based provider of tokenized financial instruments including fractional shares via broker APIs and decentralized finance products. It structures security tokens compliant with European regulations for efficient trading on blockchain networks. The platform enables retail investors to access illiquid assets like real estate and private equity through digital wrappers. Digital Assets integrates with exchanges for seamless liquidity and serves clients in Central Europe with custody solutions since 2020.
Storybook Brawl is an auto-battler game featuring fairy tale and mythological characters in card-based battles. Players assemble decks from over 100 unique cards representing figures like Little Red Riding Hood and Odin, engaging in strategic matchmaking against opponents. Released in early access on Steam in 2021, it supports solo challenges, ranked ladders, and custom lobbies, accommodating casual and competitive playstyles with seasonal updates and balance patches.
HQ CountryIndonesiaUnited StatesSwitzerlandUnited States
HQ City
Jakarta
-
Herisau
Olympia, WA
Deal Date24 Nov 202221 Jun 202223 Mar 202222 Mar 2022
Valuation$7M$220M$320M$25M
EV/Revenue
EV/EBITDA

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Investments by FTX

FTX has invested in 68 companies to date.

Latest investment by FTX was on November 24th 2022. FTX invested in Lemon Cash in their $28M Series A round.


Latest Investments by FTX

Lemon Cash
Joepegs
Martian
Paragraph
Description
Lemon Cash is an Argentine crypto wallet and exchange app that lets users buy, hold, sell and spend crypto assets and dollar stablecoins from their phone. Marcelo Cavazzoli created it after winning a prize at an Ethereum hackathon, having earlier run the software studio Lemonatio. The app offers transfers between users by link or QR code, a Visa-linked card, interest on balances and, more recently, cashback and access to shares. It operates in Argentina and Peru and has announced plans to enter Colombia, Brazil, Mexico and Chile. Lemon raised about USD 1.1 million in two seed rounds in 2020, a USD 16.3 million Series A led by Kingsway Capital in July 2021, a USD 27.8 million extension reported in November 2022 and a USD 20 million Series B led by F-Prime and ParaFi Capital in October 2025.
Joepegs is an NFT marketplace built on the Avalanche blockchain. Launched in 2021, it facilitates trading of digital collectibles with low transaction fees and high-speed minting. Joepegs supports creators through royalty enforcement and integrates with Avalanche subnets for scalable operations.
Martian is a non-custodial wallet for the Solana blockchain enabling secure storage, sending, receiving, and management of tokens alongside NFT minting and trading. It features biometric authentication and hardware wallet integration for asset protection. Users interact through a mobile interface supporting decentralized applications and cross-chain swaps.
Paragraph is a web3 newsletter platform enabling token-gated content and NFT drops for creators. Users sign up via wallets or email, integrating with Farcaster for social distribution. Based in the United States, it supports crypto payments and subscriber management for web3 communities. Launched in 2021, Paragraph hosts publications on topics like DeFi and NFTs, with automated posting across chains.
HQ CountryArgentinaBahamasUnited StatesUnited States
HQ City
Buenos Aires
Nassau
San Francisco, CA
San Francisco, CA
Deal Date24 Nov 202214 Nov 202227 Oct 202224 Oct 2022
RoundSeries ASeedPre-seedPre-seed
Raised$28M$5M$3M$2M
InvestorsSamsung NEXT; AIR Capital; Cadenza Ventures; Goodwater Capital; CMT Digital; DST Global; Valor Capital GroupAvalancheJump Capital; Aptos; Superscrypt; Race CapitalGlobal Coin Research; Lemniscap; YZi Labs; seedclub
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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FTX Competitors

FTX competitors included listed companies like Goobit Group, Safello Group, BTCS and Crypto Blockchain Industries, and private ones like Alpha Impact and Defiance Games.

Public and private companies comparable to FTX
CompanyHQStatusRevenueEBITDAValuation
Goobit GroupSwedenSwedenPublicly listed$10M($596K)$751K
Safello GroupSwedenSwedenPublicly listed$82M($1M)$6M
BTCSPolandPolandPublicly listed$293K($2M)$38M
Crypto Blockchain IndustriesFranceFrancePublicly listed$4M($9M)$37M
Alpha ImpactSingaporeSingaporePrivate--$1M
Defiance GamesSingaporeSingaporePrivate--$1M

FTX Public Comps

FTX is defunct now, but its public comps included Genesis Holdings, Waste Energy, Goobit Group, Stack BTC, Valuno Group, AGM Group Holdings, SYNERGA.fund and IBI Silver Castle.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Genesis Holdings------
Waste Energy$424K($596K)4.1x-(2.9x)-
Goobit Group$10M($596K)0.1x-(1.1x)-
Stack BTC------
Valuno Group$67M($7M)0.0x-(0.3x)-
AGM Group Holdings$31M$4M0.1x-1.0x-

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Common questions about FTX

What happened to FTX?FTX is not operational anymore and insolvent as of 11 November 2022.
When was FTX founded?FTX was founded in 2019.
Where was FTX headquartered?FTX was headquartered in Nassau, Bahamas.
Was FTX publicly listed?No, FTX was a private, VC-backed company.
What was FTX's valuation?FTX was last valued at $32B in its Series C in January 2022.
How much did FTX raise?FTX raised $2.2B across 5 funding rounds.
What was FTX's last funding round?FTX's last funding round was a $400M Series C in January 2022, led by SoftBank Group and Temasek.
Who were FTX's investors?FTX's investors included Temasek, SoftBank Group, Ontario Teachers' Pension Plan, Sequoia Capital, Race Capital, Greenoaks, Kenetic, New Enterprise Associates, Consensus Lab, Multicoin Capital and 7 others.
What was FTX's revenue?FTX's last recorded revenue was $1B (January 2022).
What was FTX's revenue multiple?FTX's last valuation implied a 31.4x revenue multiple ($32B valuation on $1B of revenue).
Who were FTX's competitors?FTX's competitors included Goobit Group, Safello Group, BTCS, Crypto Blockchain Industries, Alpha Impact and Defiance Games.
How many companies did FTX acquire?FTX acquired 9 companies, including Bitocto, Embed Financial Technologies, Digital Assets, Storybook Brawl and Liquid Global.
What was the largest acquisition by FTX?The $320M acquisition of Digital Assets in March 2022 was the largest acquisition FTX made.
How many companies did FTX invest in?FTX invested in 68 companies, including Lemon Cash, Joepegs, Martian, Paragraph, MSafe, Tactic, Coral and Kwil.
What was FTX's last investment?In November 2022, FTX invested in Lemon Cash's $28M Series A alongside Samsung NEXT, AIR Capital, Cadenza Ventures and 4 other investors.

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