CNBC headline:
FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale, source says
PUBLISHED THU, JUN 30 20221:29 PM EDTUPDATED 49 MIN AGO
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Kate Rooney
@KR00NEY
https://www.cnbc.com/2022/06/30/ftx-closes-in-on-a-deal-to-b…
FTX is swooping in to buy crypto lender BlockFi for pennies on the dollar, sources told CNBC.
The term sheet is almost over the finish line and expected to be signed by the end of the week, according to three sources, who asked not to be named because the deal discussions were confidential. FTX is expected to pay roughly $25 million, one source said, 99% below BlockFi’s last private valuation. Jersey City, New Jersey-based BlockFi was last valued at $4.8 billion, according to PitchBook.
The price tag could shift between now and Friday, the source said. An acquisition could also take multiple months to close.