The $25m expected price tag is 99% below BlockFi’s last private valuation, having last been valued at $4.8b, according to PitchBook. The fire sale comes a week after FTX provided a $250m emergency line of credit to BlockFi. FTX CEO Sam Bankman-Fried said at the time that the financing would help BlockFi “navigate the market from a position of strength.”
“There was more than one deal on the table,” a source told CNBC.