Crypto exchange FTX is reportedly closing in on a deal to buy crypto lender BlockFi, CNBC reported, citing sources close to the matter,
The deal is reportedly set at $25 million, a 99% drop from BlockFi’s previous valuation of $4.8 billion. Upon finalization, equity investors in BlockFi could see their investments “wiped out” and in losses, according to a CNBC source.
According to the sources, the deal is in its final stages and is expected to be signed by the end of the week.
More details to follow…
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