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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.
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.
STORY CONTINUES BELOW
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UPDATE (June 30, 19:03 UTC): Adds Zac Prince tweet in second bullet point.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
Tracy Wang
Tracy Wang was the deputy managing editor of CoinDesk's finance and deals team, based in New York City. She has reported on a wide range of topics in crypto, including decentralized finance, venture capital, exchanges and market-makers, DAOs and NFTs. Previously, she worked in traditional finance ("tradfi") as a hedge funds analyst at an asset management firm. She owns BTC, ETH, MINA, ENS, and some NFTs. Tracy won the 2022 George Polk award in Financial Reporting for coverage that led to the collapse of cryptocurrency exchange FTX. She holds a B.A. in Economics from Yale College.
