Top-tier crypto exchange FTX and its American division FTX US are reportedly working towards new fundraising goals, after the firms aiming to carry out top-tier acquisitions and credit lines. 

Specifically, FTX co-founder Sam Bankman-Fried reportedly talked about conducting fundraising to reel in capital equivalent to that of a January funding round, where the company secured $400 million, bringing it to $32 billion in valuation. 

FTX US reportedly set similar goals, having raised $400 million in January to reach an $8 billion valuation.

The report reportedly surfaced when both companies are working towards finalizing the acquisition of numerous firms, which look to be going through financial hardships during the crypto market downturn. 

FTX US reportedly revealed in May its intentions of acquiring Embed Financial Technologies, as included within its scope targeting at “enhancing” the firm’s stock offering. The exchange later entered an agreement with BlockFi for a $400-million revolving credit center, which opened up an opportunity for FTX US to purchase the crypto lending entity.

FTX has reportedly further generated its own explorations into new purchases, disclosing in June its initiative to forge an acquisition agreement with Canada-based crypto platform Bitvo, and was reportedly contemplating upon the purchase of Robinhood. 

Bankman-Fried reportedly claimed via an NPR interview at the time that his companies were responsible for running assessments of the situation and step in, if required, as part of the attempts to “stem contagion” and prevent a collapse.

These attempts reportedly are providing crypto brokerage firm Voyager Digital with a 200 million USD Coin (USDC) loan and a “revolving line of credit” of 15,000 Bitcoin (BTC) via Alameda – also under the leadership of Bankman-Fried.