FTX Bitcoin Trading Volume Surpasses Coinbase as SBF Expands Into Stock and Derivatives Markets

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In a landmark shift within the digital asset landscape, FTX has overtaken Coinbase in Bitcoin spot trading volume — a significant milestone that underscores the rapid ascent of Sam Bankman-Fried’s (SBF) crypto empire. Powered by aggressive expansion strategies, strategic acquisitions, and a bold push into traditional financial markets, FTX is redefining what a modern crypto exchange can become.

A New Leader in Bitcoin Spot Trading

According to a recent report by Kaiko, a leading provider of cryptocurrency market data, FTX’s Bitcoin spot trading volume surpassed that of Coinbase for the first time in May. Over the past 18 months, FTX’s market share has skyrocketed from just 5% to an impressive 44%, marking one of the most dramatic rises in exchange dominance in recent crypto history.

This surge coincided with heightened market volatility during the LUNA collapse, where Coinbase initially handled record-breaking volumes. However, FTX capitalized on shifting trader preferences — offering tighter spreads, advanced trading tools, and a growing suite of financial products — to pull ahead in key metrics.

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Strategic Acquisitions Fuel Expansion

At the heart of FTX’s growth is a clear vision: expand beyond crypto. SBF has made it known that the Bahamian-based exchange is actively pursuing acquisition opportunities to accelerate its entry into traditional finance.

In interviews with Bloomberg, SBF confirmed that FTX is well-capitalized for major deals, having raised over $2 billion across multiple funding rounds — bringing total fundraising to approximately $4 billion. “You can look at the amount we’ve raised in the last year or two — billions of dollars,” he said. “That gives you some sense of where we stand financially.”

One of the most notable moves was FTX US’s acquisition of LedgerX, a CFTC-regulated derivatives exchange and clearinghouse. This acquisition granted FTX direct access to the U.S. regulated derivatives market — a critical step toward offering compliant crypto futures and options to American clients.

Additionally, FTX made headlines by acquiring a 7.6% stake in Robinhood Markets, positioning itself not just as a competitor but as a strategic investor in one of the most popular retail trading platforms. The move signals FTX’s intent to bridge the gap between crypto-native users and mainstream stock investors.

Bridging Crypto and Traditional Finance

SBF’s ambition doesn’t stop at owning pieces of traditional finance — he wants to integrate them directly into FTX’s ecosystem.

FTX US recently launched FTX Stocks, a zero-commission stock trading service that allows users to trade equities alongside cryptocurrencies on a single platform. This convergence reflects a growing trend: users want unified financial experiences without juggling multiple apps or accounts.

“We’re focused on giving investors more tools in one place,” SBF explained. “If people want to trade stocks, they shouldn’t have to leave our platform to do it.”

This strategy mirrors broader fintech trends seen at companies like Robinhood and SoFi, but with a crypto-first infrastructure that offers faster settlement, global accessibility, and innovative product design.

Regulatory Engagement and Industry Pushback

As FTX expands, so does its engagement with regulators. In a recent Washington D.C. roundtable hosted by the U.S. Commodity Futures Trading Commission (CFTC), SBF presented FTX’s controversial “no-middleman trading” proposal — a model that would allow traders to interact directly with order books without intermediaries like brokers or clearing firms.

The idea sparked fierce debate among traditional futures brokers and commission merchants, who argue that removing intermediaries could undermine market stability and investor protection.

SBF pushed back with a detailed rebuttal, criticizing legacy financial systems for relying on outdated structures that inflate costs and reduce transparency. “The current system adds layers of fees and complexity without clear benefits,” he wrote in a follow-up commentary. “We’re building something more efficient — not just for crypto traders, but for all investors.”

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Global Ambitions: From the U.S. to Australia

FTX isn’t limiting its ambitions to North America. The exchange has officially launched FTX Australia, receiving regulatory approval to operate locally.

“We’re excited to bring FTX’s innovative products and services to the Australian market,” SBF stated at the time. “The launch of FTX Australia gives local users confidence that they’re trading on a registered and licensed platform.”

This international expansion aligns with FTX’s long-term goal of becoming a globally integrated financial services provider — combining crypto trading, derivatives, stocks, and even potential future offerings like lending and wealth management.

Marketing Powerhouse: From Super Bowl Ads to Sports Sponsorships

Part of FTX’s rapid rise can be attributed to its aggressive branding strategy. In 2021, the exchange gained mainstream attention through high-profile marketing campaigns:

These moves helped position FTX not just as a crypto platform, but as a household name in finance and sports entertainment.

Frequently Asked Questions (FAQ)

Q: Why did FTX surpass Coinbase in Bitcoin trading volume?
A: FTX achieved higher trading volume through superior liquidity, tighter spreads, advanced trading features, and aggressive global expansion — especially during volatile market periods like the LUNA crash.

Q: Is FTX regulated in the United States?
A: Yes. Through its subsidiary FTX US and the acquisition of LedgerX, FTX operates under CFTC oversight for derivatives trading. It also complies with U.S. KYC and AML regulations.

Q: Can I trade stocks on FTX?
A: Yes. FTX US offers FTX Stocks, a zero-commission stock trading service that allows users to buy and sell equities alongside cryptocurrencies.

Q: What is FTX’s “no-middleman” trading proposal?
A: It's a model where traders interact directly with the exchange’s order book without brokers or clearing intermediaries — aiming to reduce fees and increase efficiency. It remains under regulatory review.

Q: Did SBF really buy part of Robinhood?
A: Yes. SBF acquired a 7.6% stake in Robinhood Markets through investment vehicles linked to Alameda Research and FTX, signaling strategic interest in mainstream retail investing platforms.

Q: Is FTX available outside the U.S.?
A: Yes. FTX operates globally, including in regions like Australia, Europe, and Asia (with regional restrictions applying). Users must comply with local regulations.

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The Road Ahead

With its blend of innovation, capital strength, and regulatory foresight, FTX is no longer just a crypto exchange — it's evolving into a full-stack financial services company. Whether through acquisitions, product diversification, or global licensing, SBF is building an ecosystem where crypto and traditional finance converge seamlessly.

As competition intensifies among exchanges, only those that offer both depth of functionality and breadth of access will thrive. FTX’s trajectory suggests it aims not only to compete but to lead this next phase of financial evolution.

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