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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Delayed Japan Exchange  -  05/20 02:00:00 am EDT
5232.00 JPY   +3.50%
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Crypto exchange FTX US valued at $8 bln as first fundraise draws SoftBank, Temasek

01/26/2022 | 03:32pm EDT

Jan 26 (Reuters) - Cryptocurrency exchange FTX US said on Wednesday it was valued at $8 billion after raising $400 million in its first funding round from investors including Japan's SoftBank Group Corp and Singapore's Temasek Holdings .

The Series A funding also includes investments from crypto investment firm Paradigm, Multicoin Capital, Tribe Capital, Ontario Teachers’ Pension Plan Board, Greenoaks Capital, Steadview Capital and Lightspeed Venture Partners, among others, the company said in a statement.

"What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S., and signaling to the world that we are going to continue to expand very rapidly," FTX US President Brett Harrison said.

With the cryptocurrency market growing, surpassing $3 trillion in November, venture capital investors are increasingly looking to put down stakes in the industry.

Venture capital firms invested $30 billion in crypto in 2021, according to research firm PitchBook.

Chicago-based FTX US was launched in 2020 by former Wall Street high frequency trading executives, and it competes with leading crypto exchanges Coinbase and Binance.

In October, FTX US acquired LedgerX in a move to expand into crypto futures and options trading.

FTX US had an average daily volume of about $360 million in the third quarter, according to the company. Its users increased by 52% quarter over quarter, though the company has declined to share how many users it has overall.

FTX US said it intends to use the funds to grow its user base and launch new business lines, and will also consider strategic investments and acquisitions.

It also plans to expand its 100-strong staff, said Harrison, who previously worked at Citadel Securities.

"By having this capital, we're able to go out and be competitive and hire the best people," he said. (Reporting by Hannah Lang in Washington; Editing by Himani Sarkar and Cynthia Osterman)


© Reuters 2022
Stocks mentioned in the article
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COINBASE GLOBAL, INC. -1.88% 66.15 Delayed Quote.-73.79%
SOFTBANK GROUP CORP. 3.50% 5232 Delayed Quote.-3.72%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 171 B 48 264 M 48 264 M
Net income 2022 728 B 5 691 M 5 691 M
Net Debt 2022 16 223 B 127 B 127 B
P/E ratio 2022 12,1x
Yield 2022 0,84%
Capitalization 8 532 B 66 729 M 66 729 M
EV / Sales 2022 4,01x
EV / Sales 2023 4,19x
Nbr of Employees 58 786
Free-Float 69,3%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 5 232,00 JPY
Average target price 7 896,47 JPY
Spread / Average Target 50,9%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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