Bankman-Fried Says Crypto Winter Shifts Investor Focus to Profit
- Billionaire accepts ‘moderately bad deals’ to revive sector
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Sam Bankman-Fried, the crypto billionaire who tried to bail out ailing firms during the industry’s implosion, said the turmoil has prompted investors to link valuations to profitability rather than just revenue.
“Profitability was sort of a dirty word for a number of years, and it has returned to investor parlance,” Bankman-Fried, who co-founded crypto exchange FTX, said at the Bloomberg Crypto Summit Tuesday. “There’s been a substantial re-rating toward looking for at least likely or plausible pathway toward profitability being a core component of an investment thesis.”