FTX Ventures was the venture capital arm of FTX Trading Ltd., the cryptocurrency exchange founded by Sam Bankman-Fried in 2019 and headquartered in the Bahamas (originally incorporated in Hong Kong). The investment arm launched formally in January 2022 with a stated fund size of $2 billion, positioning itself as one of the largest dedicated crypto venture funds of that year. Its mandate covered early-stage to growth-stage investments in blockchain infrastructure, gaming, DeFi, and Web3 consumer applications.
The firm operated as a strategic extension of the FTX exchange, seeking synergies between portfolio companies and FTX's trading infrastructure, token launchpad, and NFT marketplace. Within months of launching, FTX Ventures deployed capital at pace rarely seen in crypto venture, participating in marquee rounds across Layer 1 blockchains, gaming studios, and cross-chain infrastructure. Its rapid rise ended abruptly in November 2022 when FTX filed for Chapter 11 bankruptcy protection following the public collapse of the exchange and revelations of the misuse of customer funds. Sam Bankman-Fried was subsequently arrested, tried, and sentenced to 25 years in prison in March 2024 on multiple counts of fraud and conspiracy.
Notable investments
- Aptos Labs – Layer 1 blockchain built by former Meta/Diem engineers; FTX Ventures co-led the $200 million Series A in 2022 alongside a16z and others.
- Mysten Labs (Sui) – Another Move-language Layer 1 spun out of Meta; received funding before the FTX collapse.
- LayerZero Labs – Cross-chain messaging protocol; FTX Ventures participated in the Series A and B rounds.
- Yuga Labs – Creator of Bored Ape Yacht Club and Otherside; FTX Ventures joined a $450 million seed round led by a16z in March 2022.
- Stardust – Gaming NFT infrastructure platform; received strategic investment from FTX Ventures.
- SkyBridge Capital – Alternative investment manager run by Anthony Scaramucci; FTX acquired a 30% stake via FTX Ventures in 2022.
- K5 Global – A venture and advisory firm co-founded by Michael Kives and Bryan Baum; FTX invested $700 million, one of its largest single bets.
- Genesis Digital Assets – Bitcoin mining company; received a nine-figure investment as part of FTX's infrastructure expansion.
Team
Amy Wu led FTX Ventures as Head of the fund, joining from Lightspeed Venture Partners where she focused on gaming and consumer crypto. She became the public face of the investment operation and stepped down following the collapse in November 2022. Sam Bankman-Fried (founder and CEO of FTX) drove overall capital allocation strategy and was personally involved in several major deals, including the K5 Global and SkyBridge investments. Public information about other named managing partners or investment committee members is limited, as FTX Ventures operated with a small internal team that relied heavily on Bankman-Fried's direct approval for large checks.
Recent activity
Following the November 2022 bankruptcy filing, all FTX Ventures activity ceased. The portfolio assets passed into the hands of the FTX bankruptcy estate, overseen by restructuring CEO John Ray III. The estate has methodically liquidated and sold portfolio stakes to recover funds for creditors. In 2023 and 2024, the bankruptcy estate sold positions in Aptos, LayerZero, and other holdings at varying discounts to original cost. A reorganization plan was confirmed in late 2024, with the estate targeting near-full repayment of customer claims in dollar terms – though claimants received dollars, not crypto, locking in losses from the 2022 price trough. The SEC and CFTC also pursued separate civil enforcement actions against FTX entities and related parties.
FTX Ventures no longer operates as an active investment entity. Its legacy is primarily cautionary: a $2 billion fund that deployed aggressively into legitimate projects, many of which survived and grew, while the parent exchange that funded it was built on fraudulent foundations. Portfolio companies including Aptos and LayerZero have continued to develop independently, distancing themselves from the FTX association. The full scale of losses to investors, creditors, and portfolio founders remains a defining chapter in the history of crypto venture capital.
