BlockFi in talks with FTX CEO Sam Bankman-Fried to acquire a share of the company News โธ FTX โธ Investments
BlockFi in talks with FTX CEO Sam Bankman-Fried to acquire a share of the company
Sam Bankman-Fried of FTX and Alameda Research is in talks to acquire a stake in crypto lending firm BlockFi just days after he acquired 11% of Voyager Digital
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Updated: Jun. 25, 2022 at 2:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX’s CEO Sam Bankman-Fried is in talks to acquire a stake in crypto lending firm BlockFi. CryptoSlate recently reported the possibility of a deal following a $250 million line of credit issued to BlockFi from FTX. A Spokesperson from BlockFi told CryptoSlate,
“BlockFi does not comment on market rumors. We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date.”
On June 23, CryptSlate reported that,
“BlockFi is currently a privately held company and thus only has to report shareholders above 10% in SEC documents. Hence, it is unknown if SBF was given equity in return for this arrangement”
SBF took additional shares in Voyager following a $200 million and 15K Bitcoin loan to the company leaving him with an 11% stake in the company.
The Wall Street Journalย confirmed that FTX is currently negotiating with BlockFi and the two parties have yet to reach an equity agreement on June 24.
Updated June 25 2pm BST: Added commentary from BlockFi
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
BlockFi
BlockFi is a defunct cryptocurrency lender company which is currently in bankruptcy proceedings.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.