SBF denies FTX Ventures merger with Alameda’s crypto VC

Sam Bankman-Fried, chief executive officer of FTX exchange, denied a recent report by Bloomberg which stated that the venture capital subsidiary under FTX would merge with the VC operations under Alameda Research, a sister company of FTX.

See related article: FTX revenue grew 1,000% in 2021 amid booming crypto market: SBF 

Fast facts

• “This seems like a big misrepresentation to me!” tweeted Bankman-Fried shortly after the article was published. 

• “FTX’s venture investing is concentrated under FTX Ventures; that’s different from Alameda’s ventures,” the FTX CEO added.

• The Bloomberg article, published early morning Friday Asia time, reported that FTX “absorbed” the venture capital operations under Alameda Research in an aim to consolidate entities under Bankman-Fried’s empire.

• Alameda Research, the quantitative crypto trading firm founded by Bankman-Fried, recently saw one of its co-CEOs Sam Trabucco step down, leaving Caroline Ellison as the company’s only CEO.

• Alameda’s investment portfolio includes numerous crypto startups including trading firm Satori Research and non-fungible token (NFT) marketplace Magic Eden.

See related article: FTX said to be in talks to acquire S. Korea crypto exchange Bithumb