In its latest Series C valuation, FTX has become a $32 billion worth company, blowing Sam Bankman-Fried’s net worth out of the water.

After seeing his valuation gain $7.7 billion within a day, the 29-year-old billionaire and founder of the crypto exchange now has a net worth of $22.2 billion.

FTX Series C funding round

FTX, the cryptocurrency exchange he founded, announced on Monday that it had raised $400 million in its Series C funding round, giving it a market value of $32 billion.

The valuation is up substantially from FTX’s last round of funding, when the company raised $420.69 million in a Series B-1 round at a valuation of $25 billion in October 2021.

In July 2021, FTX announced a Series B raise of 900 million dollars, later revised to $1 billion, for an estimated valuation of $18 billion.

Personal life

According to Bloomberg sources, Bankman-Fried is believed to own 54% of the firm.
A January 2022 fundraising round valued FTX US, a related U.S. arm of FTX, at $8 billion.
Alameda Research, which invests in cryptocurrency with over $13 billion in assets, is almost entirely owned by Bankman-Fried.
1992 marked the birth of Sam Bankman-Fried in Stanford, California. He is the son of two Stanford Law professors.
As a student at the Massachusetts Institute of Technology, he became interested in the idea of effective altruism, a phenomenon that encourages making the most of one’s resources to maximize the amount of good that can be done.
Following graduation, he decided to pursue a career in trading rather than academics and joined a proprietary trading firm, Jane Street, which dealt in international exchange-traded funds. After working at Jane Street for three and a half years, Bankman-Fried left in 2017.
Alameda Research was founded by him and Google engineer Gary Wang. Through its use of the cryptocurrency market, Alameda Research exploited arbitrage opportunities.

The post Sam Bankman-Fried: Crypto billionaire’s fortune rises by $7.7 billion as FTX hits $32 billion valuation appeared first on Nairametrics.