FTX Close to Buying BlockFi for Just $25M

The beleaguered crypto lender was reportedly close to finalizing a down round valuing it at $1 billion earlier this month.

AccessTimeIconJun 30, 2022 at 5:57 p.m. UTC
Updated May 11, 2023 at 6:48 p.m. UTC
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Crypto exchange FTX is close to signing a deal to purchase struggling crypto lender BlockFi for $25 million, according to a person familiar with the matter. The news was first reported by CNBC.

  • The deal is expected to be signed by the end of the week, the person familiar with the matter told CoinDesk.
  • In response to the reports, BlockFi CEO Zac Prince tweeted this afternoon that "I can 100% confirm that we aren't being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more [with] you as soon as we can."
  • Earlier this month, BlockFi was reportedly set to close a down round of funding at a valuation of $1 billion, compared to its previous valuation of $3 billion in March of last year.
  • FTX had previously given a $250 million credit facility to BlockFi. The lender said in mid-June it was cutting about 20% of its workforce, or roughly 170 people.

UPDATE (June 30, 18:16 UTC): Removes "report" from headline and adds information in first paragraph.

UPDATE (June 30, 19:03 UTC): Adds Zac Prince tweet in second bullet point.


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