6/30, 7:53 PM (Source: TeleTrader)
more TeleTrader news

FTX to buy BlockFi for $25M after $5B valuation - report

The Bahamas-based cryptocurrency exchange FTX is nearing a deal under which it will acquire crypto lending platform BlockFi for only $25 million, CNBC reported on Thursday, citing anonymous insiders. According to the report, BlockFi was last valued at $4.8 billion.

On June 21, FTX agreed on a $250 million credit line to BlockFi, while The Block media outlet reported that FTX was given an option to take a 50% stake in BlockFi.

The finalization of the potential transaction could take months and the value of the deal could change before the end of the week when it could be formally announced, a source noted.

Baha Breaking News (BBN) / MS