ICYMI: BlockFi strikes $680 million credit deal with FTX US, outlines acquisition path
It provides FTX an option to acquire the firm at a price up to $240 million.
The definitive agreement, signed Thursday, is subject to shareholder approvals and would provide FTX an option to acquire the firm at a price up to $240 million. BlockFi, similarly to other market participants in the crypto space, has been hit hard by the fall out of the liquidation of Three Arrows Capital and the liquidity struggles of rival lending firm Celsius, which paused withdrawals on customers earlier this month. Three Arrows Capital's liquidation event resulted in an $80 million loss for BlockFi, which the company described as a small fraction of losses reported by other lending firms.
To weather the storm, BlockFi inked a $250 million credit deal with FTX to manage through the crisis on June 22. The firm has also been fielding interest for acquisition from FTX and other market participants.
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