Fenwick Represents FTX Trading in $420 Million Series B-1 Financing

By: Andrew T. Albertson, Christopher Crawford, Hector Velez, Ryan J. Straus, David L. Forst, Sean P. McElroy, Kris Hatch

Fenwick represented FTX Trading Ltd., owner and operator of FTX.COM, a global cryptocurrency exchange, in its $420 million Series B-1 financing, valuing the company at $25 billion. Nearly 70 investors participated in the round, including Ontario Teachers’ Pension Plan Board (via its Teachers’ Innovation Platform), Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and funds and accounts managed by BlackRock.

FTX will use the funds to expand into new jurisdictions, improve upon its current offerings and further establish itself as a marketplace leader. More information can be obtained from the company's announcement.

The transaction was led by the Fenwick Blockchain Team.


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