According to Blockfi’s co-founder Zac Prince, the company has signed definitive agreements with the crypto firm FTX and the deal is currently up to shareholder approval. The deal represents a total of $680 million, but Prince also noted that $240 million of that total could be used to acquire Blockfi at a variable price up to that amount.
FTX Could Buy Blockfi for $240 Million, CEO Zac Prince Says Company Lost $80 Million From 3AC Exposure
Zac Prince, the co-founder of Blockfi, explained that his company has come to an agreement with Sam Bankman-Fried’s crypto firm FTX. The deal is meant to “protect client funds” and is still subject to shareholder approval. Prince disclosed that part of the arrangement was a “$400 [million] revolving credit facility which is subordinate to all client funds.” Furthermore, the Blockfi CEO added that FTX has “an option to acquire Blockfi at a variable price of up to $240M based on performance triggers.”
Prince detailed that Blockfi has not drawn on...
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