the bear market push them no-coiners dreaming of zero-dollar bitcoin and a total cryptocurrency collapse. Until then, they are out of luck to see it come to fruition. For enthusiasts, it’s time for innovation and market revitalization. At FTX, surprises will come flooding in, observers predict. After a few rounds of acquisitions of stakes in various projects, Sam Bankman-Fried’s company is about to announce another even bigger one.
FTX, still not recognized by the Americans?
CZ, the CEO of Binance, said he is not afraid of the “crypto winter”. Indeed, measures have been taken in order to keep the head of the largest cryptocurrency exchange above water in such situations.
For SBF, the CEO of FTX, the crisis that the cryptocurrency market is experiencing is seen differently. Even though he has chosen to be less talkative than fallen cryptocurrency billionaire CZ, his actions seem to confirm that there is a desire to outdo the bear market.
Recently, Forbes reported that leaked financial data from FTX would indicate a significant acquisition in the near future. These would indeed contain a presentation that the barons of this Bahamas-based cryptocurrency exchange will soon be able to make to investors. The same medium would also have mentioned that FTX has about $2 billion in reserve, and cash, presently.
If the details concerning this new takeover were missing in this information leak, speculators are counting on a decision that would bring FTX to the forefront of the American scene. According to statistics, its local branch FTX.US is struggling to capture the hearts of Americans currently. The latter is said to have contributed only 5% of FTX’s revenue in 2021.
Sam Bankman-Fried complained to Forbes reporters:
” We are nowhere near as strong as projects like Coinbase, Robinhood, and Binance in terms of brand visibility, user numbers, and consumer adoption. »
SBF cleverly advances its pieces on the chessboard
Despite the allegations made against Bankman-Fried, including that of FatMan in the Terra case, the “Warren Buffet of cryptocurrencies” has been able to gradually build an image in the eyes of investors. Moreover, he owes his credibility to non-biased media like Forbes.
In addition, it should be remembered that FTX does not hesitate to put its hand in its pocket as soon as an opportunity arises. As recently as February, the cryptocurrency exchange had a 30-second streak during the Super Bowl. On occasion, he had staked ten thousand dollars in bitcoin.
And you know that the Miami Heat basketball arena has just had a new name: the FTX Arena.
When it comes to FTX acquisition stories, there is talk of a dozen investments perpetrated by SBF in just 1.5 years. At the beginning of August, Tremplin.io reported an acquisition of a majority stake in the capital of Huobi Global.
In June, the same cryptocurrency exchange was already considering a stake in BlockFi and Bitvo. Otherwise, the bear market helps things well at FTX, which does not hesitate to reach out to projects about to file for bankruptcy or affected by liquidity problems. We have seen several recently, to name only Voyager, BlockFi, Celsuis or even Three Arrows Capital.
Otherwise, apart from the proposals to buy out projects in decline, FTX does not skimp on innovations either. Among others we will mention FTX Stock Trading, an alternative offered to users wishing to trade stocks via the platform.
The takeover of Robinhood in perspective?
For a long time, FTX has been called an “outsider” against the giants of the cryptocurrency exchange. A qualification that seems quite logical since it only displays 212,000 active customers over a period of 1 month. While the American exchange Coinbase currently has 9 million active users.
According to rumors, FTX would bet on the acquisition of Robinhood, another company affected by the crisis. Already, it should be noted that SBF holds a 7.6% stake in this project. By becoming a majority shareholder in Robinhood, Sam Bankman-Fried will have some 14 million youth-owned trading accounts within reach.
But the idea of buying Robinhood, which has lost nearly 80% of its value, has been denied by an SBF lieutenant. So, at the moment, the project names that will emerge are pure speculation. We promise, however, to stay tuned for further information for a possible disclosure of the truth about this story.
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