Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.
What to know: The acquisition figure would include performance incentives, and BlockFi didn't specify how much would be an upfront payment.
CNBC on Thursday 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.
The deal with FTX also includes a $400 million revolving credit facility from the crypto exchange operator from FTX.
What they're saying: BlockFi CEO Zac Prince tweeted: "Outside of this transaction, we realize that there is a lot of fear, uncertainty, and doubt in the crypto markets. From our vantage point, we continue to see a healthy ecosystem on the rise."
He also wrote the following, including reference to the liquidating Three Arrows Capital hedge fund that had received loans from BlockFi:
"Crypto market volatility, particularly market events related to Celsius and 3AC, had...
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