FTX Sheds Plans to Raise Another Venture Round, Tackles Hiring Push

The planned capital raise, which executives had to move forward rapidly with the expectation that the already-falling private markets would quickly shrink, was abandoned by the Bahamian cryptocurrency exchange FTX. Additionally, the company saw its acquisitions make a comeback, including troubled crypto lender BlockFi, as prospective revenue streams and new hires. After the article was published, Bankman-Fried tweeted that it had some “incorrect or confusing statements.” 1) Lots of incorrect or confusing statements in this one! E.g. no plans to 3x FTX employees any time soon–1k is something more of a "medium term cap"; expecting more like ~50-100% annual growth of # employees. Also deals about potential raise are wrong in many ways. — SBF (@SBF_FTX) June 30, 2022 FTX Founder Plans to Pursue Growth Strategy The exchange’s founder, Sam Bankman-Fried, stated that it intends to pursue a growth strategy that involves hiring 50% to 100% more people yearly, emphasizing that this rise will take time. He added that the company was “never considering” a raise with the mentioned specification but alluded to other potential fundraises that the company is still considering, saying FTX has not “discarded any ideas.” One source estimated that there will be an increase of 1,000 personnel, up from just 250 to 300 recently, however, this would not occur immediately. Unclear Valuation According to a recent tearsheet got from a third-party asset ...