Cryptocurrency exchange FTX reached a valuation of $25 billion in a new funding round that includes heavyweights from traditional finance, such as the Ontario Teachers’ Pension Plan and funds managed by BlackRock Inc. BLK 0.14%

FTX Trading Ltd., the exchange’s parent company, said Thursday that it had raised just over $420 million in the new round. The news came three months after FTX closed a previous round at a valuation of $18 billion.

Since then, cryptocurrencies have rebounded from a summer slump. Bitcoin powered to a record of above $66,000 on Wednesday, after this week’s debut of the first U.S. bitcoin-focused exchange-traded fund.

Singapore’s sovereign-wealth fund Temasek Holdings Pte. Ltd. joined the new funding round, along with Silicon Valley venture-capital firms Sequoia Capital—an existing investor in FTX—and IVP. Other investors included New York-based Tiger Global Management and Iconiq Growth, an affiliate of Iconiq Capital LLC, which has managed money for Mark Zuckerberg and other tech billionaires.

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