Today’s chart shows how quickly FTX’s valuation has risen this year. The crypto exchange said Thursday it was raising $420 million from 69 investors—numbers that have become talismans on the Internet—at a valuation of $25 billion. Meme jokes aside, that price reflects a nearly 40% rise from its last funding round just three months ago.
Among venture capital-backed startups with operations in the U.S., the exchange is now the second-most valuable crypto company. It’s just behind Revolut, the $33 billion-valuation consumer fintech company that offers cryptocurrency purchases. FTX overtook Kraken, a rival exchange that is valued at $20 billion, according to PitchBook data.
The Bahamas-based FTX was founded just under three years ago and has been attracting larger, mainstream investors. Its latest funding round includes Ontario Teachers’ Pension Plan Board, Tiger Global Management and BlackRock.
