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FTX IPO unlikely at this time, says Sam Bankman-Fried

 


More and more crypto companies are going public, but the CEO of FTX believes it's still too early for the crypto exchange to do so.


Cryptocurrency exchange FTX raised $400 million in Series C funding yesterday. Following this latest development, FTX's valuation has increased from $25 billion to now $32 billion.


Investors in the latest funding round included Temasek, Paradigm, Ontario Teachers' Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners.


However, the CEO of the exchange, Sam Bankman-Fried, has stated that he has no plans to list the company just yet. 


“We are not running to go public. But we're evaluating the potential, and I want to be moderately prepared for an IPO and when it feels right to pull that trigger. But I also think it's possible, and in the end it's never right."


Bankman-Fried added that if FTX remains private forever, he will look for ways to repay the company's investors via some sort of dividend or through share buybacks.


“We don't feel particularly compelled to strive for it any faster than it makes sense to do. We feel we don't have to do it, we're not convinced there's a big reason to do it now and so we do want to be ready but have no mandate or need to."


In recent years, numerous crypto companies have become public entities. Coinbase, one of the leading cryptocurrency exchanges, went public last year. Coinbase is now valued at around $41 billion with the share price trading at $194.


FTX's $400 million funding comes just a week after FTX.US, the US arm of the crypto exchange, also raised $400 million . The funding raised FTX.US to a valuation of $8 billion.

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