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FTX signs deal that could buy BlockFi for up to $240 million
Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million. It also will receive a $400 million revolving credit facility from the crypto exchange operator. What to know: The acquisition figure would include performance incentives, and BlockFi didn't specify how much would be an upfront payment. CNBC yesterday reported the base price could be as low as $25 million, compared to the $2.1 billion that BlockFi has raised in venture capital funding.
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Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for:
— Zac Prince (@BlockFiZac) July 1, 2022
1. A $400M revolving credit facility which is subordinate to all client funds, and
2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.
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