FTX was founded in 2019 by former Wall Street quant trader Sam Bankman-Fried.
In July, FTX signed a deal that gave it the option to buy lender BlockFi and was in discussions to acquire South Korean Bithumb. FTX also offered to purchase Voyager in August, but the offer was rejected for what the crypto firm claimed was a “low ball bid.”
FTX had roughly $2.5 billion in cash at the end of last year and 27% profit margins, according to the documents. Margins were closer to 50% if advertising and “related party” expenses are stripped out. It last raised money in January, collecting $400 million from investors like SoftBank’s Vision Fund 2 and Tiger Global, at a $32 billion valuation.
