According to CNBC, FTX is on the verge of acquiring BlockFi for $25 million in a deal that is "expected to be signed by the end of the week." According to one source, the final price could change by Friday.
BlockFi CEO Zac Prince spoke out shortly after a report claimed that crypto billionaire Sam Bankman-FTX Fried's was on the verge of purchasing the struggling crypto currency firm at a steep discount.
“ BlockFi’s team has always demonstrated a strong bias towards prudent risk management and swift action.
The rumored $25 million represents a 95% discount to BlockFi's most recent private valuation of $4.8 billion. BlockFi, which just last week agreed to a $250 million emergency line of credit with FTX. BlockFi representatives declined to comment further on a possible sale.
That price tag would be significantly lower than BlockFi's $3 billion valuation in March 2021. It attempted to raise capital in early June at a lower valuation of about $1 billion.
BlockFi is among those impacted by the industry's liquidity crisis and Three Arrows Capital's problems. It had admitted that it had liquidated a large client who had failed to meet its obligations under an overcollateralized margin loan, but had not named the client.
We will work around the clock to provide Crypto news.
Click on the dropdown button to translate.
Translate this page:
You can translate the content of this page by selecting a language in the select box.
All Altcoins Bakkt’s Exchange Bangladesh Crypto Currency News Bitcoin News Bitcoin Wallet Crypto Bills Crypto Currencies And Rappers Crypto Currency Exchange Crypto Currency News Crypto Currency Politics Crypto Price Prediction Crypto Roundups Crypto Staking Crypto Taxes Elon Musk Ethereum Federal Reserve Ira Platform Make Money MeMe Crypto Metaverse Mining’s Rig NFT Nigeria Crypto Currency News Our 1st Round Picks For 2022 PayPal Prophet Muhammad Crypto Currency Reddit News Robinhood Short Articles Stablecoin Staff Picks Vietnam Crypto Currency News