Tag: BlockFi

Blockfi CEO Says FTX Has an ‘Option to Acquire’ Crypto Lender at a Price of up to $240M – Bitcoin News

boss

According to Blockfi’s co-founder Zac Prince, the company has signed definitive agreements with the crypto firm FTX and the deal is currently up to shareholder approval. The deal represents a total of $680 million, but Prince also noted that $240 million of that total could be used to acquire Blockfi at a variable price up to that amount. FTX Could Buy Blockfi for $240 Million, CEO Zac Prince Says Company Lost $80 Million From 3AC Exposure Zac Prince, the co-founder of Blockfi, explained that his company has come to an…

BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M

boss

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm. In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at…

FTX Targeting BlockFi Purchase At $25M

boss

BlockFi, Celsius, Nexo, and more: tough times can lead to difficult measures, and this year’s bear market is showing no exception to some of these players. Look no further than the current state of affairs for centralized finance (CeFi) platforms, who have been facing substantial headwinds with no end in sight. Now, after days of rumors and reported exploratory deals, reports have emerged that powerhouse crypto exchange FTX is putting together the final ties around an acquisition deal of BlockFi at just a $25M valuation. The news comes after reports…

Surprise twist as BlockFi receives Money Services License in Iowa

boss

Just two weeks after being fined by Iowa’s regulators for offering and selling unregistered securities, crypto lending platform BlockFi announced on June 28 thait has received a Money Services License in the state. The Iowan license will allow the crypto lender to receive money and sell payment instruments in the state. BlockFi on Twitter stated it will begin by allowing Iowan residents to trade stablecoins. We’re excited to announce that we’ve received our Money Services License in Iowa. Iowa residents can now trade stablecoins on our platform and instantly transfer…

Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

According to Yusko, the FTX credit line proposal had a catch for BlockFi’s existing shareholders: It gave FTX the option to buy BlockFi “at essentially zero price.” If FTX were to exercise said option, it would effectively wipe out all of BlockFi’s existing equity shareholders, including management and employees with stock options, as well as all equity investors in the company’s previous venture rounds. Source

Crypto Exchange FTX Interested in Acquiring a Stake in BlockFi: Report

boss

The Bahamas-based digital asset exchange FTX is reportedly interested in acquiring a stake in crypto lender BlockFi. The Wall Street Journal reports discussions between the firms are ongoing and that no equity agreement has been reached yet, according to anonymous sources. Earlier this week, FTX agreed to provide BlockFi with a $250 million line of credit. Zac Prince, BlockFi’s chief executive, said the money is “intended to be contractually subordinated to all client balances across all account types (BlockFi interest account, BlockFi personal yield and loan collateral) and will be…