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- FTX
FTX Revenue, Valuation, Funding & Investors
FTX is not operational anymore. Its last reported valuation was $32B as of January 2022.
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
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
Website
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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2022 | Write-down · Insolvency | $0 | - |
| Jan 2022 | Series C | $32B | 31.4x |
| Jan 2022 | Series A | $8B | - |
| Oct 2021 | Series B | $25B | 24.5x |
| Jul 2021 | Series B | $18B | 15.0x |
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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $1B | $32B | 31.4x | Series C |
| Oct 2021 | $1B | $25B | 24.5x | Series B |
| Jul 2021 | $1.2B | $18B | 15.0x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series C | SoftBank Group (lead); Temasek (lead) | $400M | $32B | FTX, 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 2022 | Series A | Multicoin 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 | $8B | FTX 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 2021 | Series B | Ontario Teachers' Pension Plan (lead); Sequoia Capital (lead) | $421M | $25B | FTX, 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 2021 | Series B | Sequoia Capital (lead) | $1B | $18B | FTX, 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 2019 | Seed | Kenetic; 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jan 2022 | ||
| 2 | Lead | Jan 2022 | ||
| 2 | Lead | Oct 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 2 | Participant | Aug 2019 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Lead | Jan 2022 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Aug 2019 | ||
This data is available for Pro users. Sign up to see all 17 FTX investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions 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
| 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 Country | |||||
| HQ City | Jakarta | - | Herisau | Olympia, WA | |
| Deal Date | 24 Nov 2022 | 21 Jun 2022 | 23 Mar 2022 | 22 Mar 2022 | |
| Valuation | $7M | $220M | $320M | $25M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all FTX acquisitions and their M&A valuation multiples. Start Free Trial | |||||
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
| 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 Country | |||||
| HQ City | Buenos Aires | Nassau | San Francisco, CA | San Francisco, CA | |
| Deal Date | 24 Nov 2022 | 14 Nov 2022 | 27 Oct 2022 | 24 Oct 2022 | |
| Round | Series A | Seed | Pre-seed | Pre-seed | |
| Raised | $28M | $5M | $3M | $2M | |
| Investors | Samsung NEXT; AIR Capital; Cadenza Ventures; Goodwater Capital; CMT Digital; DST Global; Valor Capital Group | Avalanche | Jump Capital; Aptos; Superscrypt; Race Capital | Global Coin Research; Lemniscap; YZi Labs; seedclub | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all FTX investments and their VC round multiples. Start Free Trial | |||||
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
| Publicly listed | $10M | ($596K) | $751K | ||
| Publicly listed | $82M | ($1M) | $6M | ||
| Publicly listed | $293K | ($2M) | $38M | ||
| Publicly listed | $4M | ($9M) | $37M | ||
| Private | - | - | $1M | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $424K | ($596K) | 4.1x | - | (2.9x) | - | |||
| $10M | ($596K) | 0.1x | - | (1.1x) | - | |||
| - | - | - | - | - | - | |||
| $67M | ($7M) | 0.0x | - | (0.3x) | - | |||
| $31M | $4M | 0.1x | - | 1.0x | - | |||
This data is available for Pro users. Sign up to see all FTX competitors and their valuation data. Start Free Trial | ||||||||
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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