FTX CEO Sam Bankman-Fried said his company has “a few billion to
FTX CEO Sam Bankman-Fried has revealed that his company has “a few billion” dollars to help get the cryptocurrency space back on its feet, Reuters reported on Wednesday, citing the 30 billionaire investor years in a interview.
Over the past year, Bankman-Fried and its crypto exchange have been making headlines in recent months as it invests in some struggling crypto-focused companies to protect consumer assets.
“FTX has shareholders and we have a duty to do reasonable things with them and I certainly feel more comfortable incinerating my own money,” SBF told Reuters.
Recall in early July when FTX US, the US division of FTX, reached a deal to buy crypto lender BlockFi for a variable price of up to $240 million. That compares to a recent valuation of $4.8 billion. Of course, there is no guarantee that FTX US will recoup its investment.
In the meantime, “we’re starting to have a few more companies contacting us,” SBF told Reuters. Although FTX has enough cash to execute a $2 billion deal, “it’s getting more and more expensive with each one of them,” he added.
“If all that mattered was a single event, we could top a few billion,” although that’s not SBF’s preferred path, as quoted by Reuters.
On July 1, Sam Bankman-Fried said FTX’s efforts to stem the crypto contagion were worth it.