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Cryptocurrency exchange FTX is close to finalizing its takeover of beleagered crypto lender BlockFi.
First reported by CNBC, a person familiar to the matter said FTX would only have to pay $25 million for the lender that reportedly was close to finalizing a funding round for a company valuation of $1 billion at the beginning of June. In March last year, the company was valued at $3 billion.
The acquisition was reported to be in the making at the beginning of the week.
In response to the rumors, BlockFi CEO Zac Prince took to Twitter and said:
“I can 100% confirm that we aren’t being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more [with] you as soon as we can.”
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The deal is expected to come thru within a few days.
Last week, FTX extended a $250 million emergency line of credit to BlockFi.