FTX, a major crypto exchange, could be worth $15bn to $20bn in a public stock offering, based on estimates from the company’s recently leaked financial results and an analysis by Barron’s.

Founded in 2019 by crypto entrepreneur Sam Bankman-Fried, FTX is now a major player in the world of digital assets. Based in the Bahamas, FTX handled $56.9bn in spot trading volumes in July and $248bn in derivatives such as Bitcoin futures, according to data from CryptoCompare. Its US business, FTX.US, has also expanded into stock trading and invested in the operator of the IEX exchange.