FTX closes in on $25m cut-price deal for BlockFi - reports

finextra.com:

An agreement could be signed by the end of the quarter on Friday, says CNBC, citing sources. In a tweet, BlockFi CEO Zac Prince, disputed the $25 million price tag:

The potential acquisition comes days after FTX extended a $250 million emergency line of credit to BlockFi. That came just weeks after BlockFi was reported to be closing in on a funding round at a $1 billion valuation and announced it was cutting 20% of its workforce.With the industry reeling in the face of a crypto winter and wider economic downturn, FTX has found itself in a strong position.It recently agreed to buy Alberta-based outfit Bitvo for a push into Canada, while earlier today The Block reported that it has passed on a deal to buy Celsius after encountering a $2 billion hole in the troubled firm's balance sheet. The crypto giant has even been rumoured to be looking into buying Robinhood, although FTX CEO Sam Bankman-Fried - who owns a 7.6% stake in the trading app - says there are "no active M&A conversations".