FTX strikes deal with option to buy crypto lender BlockFi
— Profitable, Said friday, Digital, Company said, Bankman, Proshares etf targets bitcoin selloffmore recently, Ftx declined, November, Announcement said ftx could pay, February — 1 min read
FTX has struck a deal that gives it an option to buy troubled crypto lender BlockFi Inc. for as much as $240 million. The deal is designed to stabilize BlockFi, a Jersey City, N.J.-based firm founded in 2017, which ran into problems as crypto prices plunged and sparked a liquidity crisis among a number of overleveraged firms. Bitcoin has declined about 72% from its high of $67,802 in November, and the entire crypto market has lost more than $2 trillion in value. FTX declined to comment; BlockFi said recent events that have caused market volatility in crypto—particularly events related to crypto—led to this deal. BlockFi paid a $100 million fine to the Securities and Exchange Commission in February. Source