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Mergers & Acquisitions

Sam Bankman-Fried’s FTX acquires Canadian crypto trading platform bitvo

Sam Bankman-Fried said in May he will spend more than $2 billion on acquisitions and investments in other businesses.

$2 billion on acquisitions
$2 billion on acquisitions: Sam Bankman-Fried cofounder and CEO of FTX/ Photo FTX

Sam Bankman-Fried‘s FTX announced on Friday that it acquired the Canadian crypto trading platform Bitvo.

More than $2 billion for acquisitions and investments in other businesses.

Sam Bankman-Fried said in May he will spend more than $2 billion on acquisitions and investments in other businesses.

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In an interview with Bloomberg, Bankman-Fried said he plans to transform FTX from a cryptocurrency exchange into a platform where customers can trade numerous assets, including equities.

Bitvo is a certified dealer specializing in cryptocurrencies. It can offer crypto trading services in all of Canada’s provinces and territories because it is a restricted dealer.

The details of the transaction were not disclosed. The closing of the acquisition is expected in Q3.

Bitvo founded in 2008 in Alberta, Canada will likely be incorporated into the FTX global team servicing the Canadian market.

Sam Bankman-Fried, the CEO of FTX, said that the company’s move into Canada is another step in its efforts to work proactively with cryptocurrency regulators around the world.

Bankman-Fried and FTX have recently been on a shopping spree, buying stakes in the CFTC-regulated exchange LedgerX and the trading platforms IEX Group and Robinhood Markets.



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