29-year-old crypto billionaire Sam Bankman-Fried said in a recent interview that buying Goldman Sachs is ‘not out of the question’

Screenshot 2021 06 04 at 12.57.45
Sam Bankman-Fried, founder and CEO of crypto exchange FTX.

  • Sam Bankman-Fried, CEO of crypto exchange FTX, told the FT that acquiring Goldman Sachs was “not out of the question” should FTX grow big enough.
  • FTX is in the midst of a new funding round, but doesn’t have current plans to IPO.
  • Average daily trading volume on FTX has shot up 11-fold between October and April of this year.
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Sam Bankman-Fried, the CEO of crypto exchange FTX, said in an interview with the Financial Times that acquiring Goldman Sachs or CME Group was “not out of the question” should FTX grow big enough.

FTX – which Bankman-Fried has previously said is seeking a $20 billion valuation – still has yet to overtake its crypto competitors Binance and Coinbase. But the exchange still has considerable room to grow, the 29-year-old billionaire said, hinting at future acquisitions.

Coinbase’s IPO in April, seen by some as crypto’s “coming out” moment, put the exchange at $76 billion, though markets now value the company at a lower, still-impressive $51 billion.

FTX is in the midst of a new funding round, but doesn’t have current plans to IPO, Bankman-Fried told the FT.

“We don’t need the capital … We are not actively looking to list, but we want to be in a position to go ahead if we want to,” he said.

Bankman-Fried, who is worth some $8.7 billion himself, has taken a warmer tone toward regulation, noting that it is both inevitable and potentially beneficial to crypto brands.

An acquisition of Goldman Sachs, with a market cap of $128 billion, may be a ways off. But if anything, FTX’s explosive growth lends some credence to Bankman-Fried’s ambitions. Average daily trading volume on the exchange has shot up 11-fold between October and April of this year.

Read the original article on Business Insider