Sam Bankman-Fried, the CEO of FTX, has revealed that the buying of CME and Goldman Sachs is not improbable at all if Coinbase, as well as Binance, are beaten by the exchange in the competition. The billionaire of Hong Kong expresses his intentions to buy Goldman Sachs (the financial giant of the United States) and the exchanges like CME (Chicago Mercantile Exchange) in the coming days.
On 14th July, while talking to Financial Times, Bankman-Fried proposed that the move of buying CME Group and Goldman Sachs is not absurd if the exchange outperforms the competitors like Binance as well as Coinbase. The assessed net worth of the holdings of the CEO of FTX and the founder of Alameda Research (a quant trading company) is nearly $8.7B. The anticipated market cap of Goldman Sachs, according to Macrotrends, is $129B, and the market cap of the CME group is approximately $75.5B.
Although a swift advancement has been made by FTX, it is not included in the group of the giants. On 24th June, in an interview along with Nikkei Asia, Bankman-Fried stated that the declaration about FTX’s estimation of nearly $20B shows that it is moving towards acquiring the big firms in the near future.
However, he did not mention any specific framework for the purchase of medium or smaller sized firms. He added that the next round of funding would incorporate the several hundreds of millions into the revenue, mainly from the organizations. He further disclosed that the funds would be utilized through M&A.
He affirmed that the next target of the funds would be an expansion of the market share of the retail investors. It is astonishing that during a short period of 3-years after entering into the crypto space, Bankman-Fried is so much confident and ambitious about the future developments of the exchange. A lot of progress has been made by FTX since its beginning in 2019, including the purchase of Blockfolio in return for $150M during August 2020 and the securing of 19-year rights of naming to the home stadium of the Miami Heat in exchange for $135M.
.In the last month, it has been reported that the naming rights have been sealed by the exchange for Team SoloMid (a global brand for e-sports) in exchange for $210M, and the team changed the title to TSM FTX.