Discussion

• @blockfizac Zac Prince on x

  Lots of market rumors out there - 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 w you as soon as we can.

• @danprimack Dan Primack on x

  CNBC report that FTX will buy BlockFi for just $25 million. The company raised $1.2 billion in equity capital — this is a massive loss for venture land.

• @tier10k @tier10k on x

  Now deleted tweet https://twitter.com/... https://twitter.com/...

• @stonks_dot_com @stonks_dot_com on x

  The last thing you see before your company gets fire sold at a 99% discount https://twitter.com/...

• @intangiblecoins Alex Thorn on x

  if the blockfi/ftx deal does close as reported, i must say it's extremely admirable of @BlockFiZac and @FounderFlori to protect their users' funds in the waterfall & take the cap table L rather than subject users to bankruptcy proceedings. they deserve lots of credit for that 🫡

• @epsilontheory Ben Hunt on x

  My guess is that it's $25m tops for current equity holders, probably less, and then a big slug of new capital to backstop customer accounts and keep the company going. So Zac can say it's a much bigger deal counting the new capital, but current investors and mgmt are zeroed out. …

• @0xfoobar @0xfoobar on x

  If Biden gets liquidated SBF could become president

• @altcoinsherpa @altcoinsherpa on x

  25.1 million confirmed jk, good to hear news straight from the source https://twitter.com/...

• @howardlindzon Howard Lindzon on x

  wait ... so CNBCq is sharing fake news again ... luckily they are tor entertainment only 🤡 https://twitter.com/...

• @covered_call @covered_call on x

  In March 2008, JPM bought Bear Sterns for $1.4bn, about 93% lower than its market capitalization in early 2007. FTX is now buying BlockFi for a 99.5% discount from its $4.8bn Series E valuation in July 2021. Bear markets can cause fire sales nearly overnight. https://twitter.com/…

• @adamscochran Adam Cochran on x

  1/3 The worst part of the Celsius and BlockFi meltdowns is that large institutional investors (pension funds etc) saw these as the “safe” play in the space and took part in their late stage over the top rounds and got burnt bad.

• @davidbelle_ David Belle on x

  BlockFi https://twitter.com/...

• @caspiancey Cas Piancey on x

  Priorities over at BlockFi. https://twitter.com/...

• @iamlluciana Capo on x

  Sam is showing absolute ruthlessness, in what world is $4B BlockFi valuation being sold for $25M? This is what you call a distress sale and the man mastering the art of monopoly. Line them up and Sam will buy them out

• @chatwithcharles Charles on x

  Let's start a DAO to buy BlockFi for more than Sam

• @kylesamani Composability Kyle on x

  4/ FTX could come out of this bear market gaining meaningful retail market share in the US, as a function of buying Blockfi (if true), negative sentiment around Coinbase, positive sentiment around FTX {fin} Disclosure: Multicoin Capital owns FTT, FTX equity, FTXUS equity

• @loopifyyy @loopifyyy on x

  BlockFi was purchased by $25M by FTX after raising at a $5B valuation previously, However, the total deal size is $275M ($250M is the unpaid loan) so it's a bit bigger than advertised.

• @kylesamani Composability Kyle on x

  3/ Contagion collapse is bullish for FTX and FTX's risk engine. After all this, more demand for leverage will move from traditional borrowing to just using liquidity on perpetual contracts It's clear that FTX's risk engine is the best in the world across every asset class

• @chainlinkgod @chainlinkgod on x

  To note, the $25M sale is in addition to the $250M credit line that FTX already extended to BlockFi so that they could meet short term obligations like user withdraws

• @route2fi @route2fi on x

  Wild to think that BlockFi was valued at $4.8b only 1 year ago. If the deal is $25M + $250M, then how little is Celsius worth? Asking for a friend.

• @coinbureau @coinbureau on x

  So BlockFi is Bear Stearns and Celsius is Lehman Brothers. https://twitter.com/...

• @zguz Zack Guzmán on x

  Couple things: 1) FTX scooping up BlockFi at a 99% discount to its last round is wild 2) It's great for BlockFi customers who clearly may have been underestimating how close they were to being another Celsius 3) Contagion def not over. BlockFi was looked at as above the fray

• @hellspawncrypto @hellspawncrypto on x

  1 BlockFi worth sent to Bitstamp. LOL.

• @qwqiao Qiao Wang on x

  People mistakenly think the problem is undercollateralized lending. It's not. The problem is the lack of transparency. Undercollateralized lending CAN work. But only full transparency a la DeFi allows for proper risk assessment.

• @sgbarbour @sgbarbour on x

  I'm super happy for BlockFi depositors. Now just remove everything you have left from that service, never use them again and tell all of your friends to do the same. Leave FTX holding the bag.

• @0xsisyphus @0xsisyphus on x

  Blockfi is probably the first time a bunch of crypto VCs will have to update their made-up paper valuation marks

• @coryklippsten Cory Klippsten on x

  and there it is. just WOW https://twitter.com/...

• @autismcapital @autismcapital on x

  Oh really? https://twitter.com/... https://twitter.com/...

• @skesslr Sam Kessler on x

  actually it's $25M + 2 dickbutts (sources) https://twitter.com/...

• @laurashin Laura Shin on x

  Interesting that he says he discussed the current market activity in a podcast from 2020 ... https://twitter.com/...

• @dystopiabreaker @dystopiabreaker on x

  haha what if u granted me an option to buy your lending platform at essentially zero haha jk.... unless? https://twitter.com/... https://twitter.com/...

• @dcsilver David Silver on x

  Said differently - Please trust me... if not, I might not even get $25m. https://twitter.com/...

• @followtheh Tom Hearden on x

  lol SBF threw in a bag of balls https://twitter.com/...

• @tier10k @tier10k on x

  “FTX will pay roughly $25 million — 99% below BlockFi's last private valuation” Brutal

• @tuurdemeester Tuur Demeester on x

  Less than a year ago BlockFi raised a $500M round... this is what can happen with fractional reserve banking, improperly secured loans and maturity mismatching. Bitcoin is going through puberty ✌️ https://twitter.com/...

• @kadhim @kadhim on x

  At the start of the year, there were 3 major US crypto companies offering retail customers yield — valued at over $10bn between them. Now: — BlockFi may be sold for $25m https://www.cnbc.com/... — Voyager trades at ~$80m — Celsius is on the brink of bankruptcy

• @jreem Reem on x

  we did in fact purchase all of the insolvencies https://www.cnbc.com/...

• @twobitidiot Ryan Selkis on x

  Nothing fun about a company run by good faith operators going under based on one counter party's malfeasance. Shitty way to end the quarter. Hopefully this keeps BlockFi customers' funds safe and restores faith in that lending book. And that the worst has mostly passed. https://t…

• @autismcapital @autismcapital on x

  BlockFi was worth $3B last March. It is now being firesold for $25M. Life comes at you fast. https://twitter.com/...

• @ledgerstatus @ledgerstatus on x

  Hope this happens, and that the team and earliest investors still do okay. https://twitter.com/...

• @seyitaylor @seyitaylor on x

  thank you Uncle Sam https://twitter.com/...

• @jseyff James Seyffart on x

  So. @fintechfrank was right AND early ... again. Sheesh. What a fall from grace for BlockFi though — they raised at a $3 billion valuation in March 2021. https://twitter.com/... https://twitter.com/...

• @theskyhopper @theskyhopper on x

  How many users does @blockfi have? Lets assume the hole is about 200 million USD (lenient here). Lets call it a 275 million deal. At $250 a user, that's about 1.1 million user base. And that is expensive. I do hope @SBF_FTX drives a much harder bargain. https://twitter.com/...

• @riddle245 @riddle245 on x

  FTX really is testing the waters on any acquisition it seems https://twitter.com/...

• @jenndefer Jenn Duong on x

  Insane. @FTX_Official is buying @BlockFi for $25M (FYI, BlockFi's last valuation was $4.8B) https://www.cnbc.com/...

• @adamscochran Adam Cochran on x

  Damn. To put this in perspective that cost isn't that much more than you would spend in legal fees, applications, compliance and surety bonds in order to get all the licenses that BlockFi has. https://twitter.com/...

• @defimafia_ @defimafia_ on x

  We weren't lying when we said Sam was going to buy BlockFi for basically nothing ✍️ https://twitter.com/... https://twitter.com/...

• @lopp Jameson Lopp on x

  RIP BlockFi equity holders https://twitter.com/...

• @lookner Steve Lookner on x

  Crypto lender BlockFi, which had recently experienced financial difficulties, is reportedly being bought for $25 million after previously being valued at $4.8 billion https://www.cnbc.com/...

• @ryanwatkins_ Ryan Watkins on x

  Sam will own everything. And you will be happy https://twitter.com/...

• @twicrates @twicrates on x

  really cant beat these bear market prices https://twitter.com/... https://twitter.com/...