BlockFi, FTX Agree to $680M Credit Deal and Acquisition Terms

Cryptocurrency lending company BlockFi announced on Friday that it has reached an agreement with FTX US, the U.S. division of the crypto exchange led by billionaire Sam Bankman-Fried, for a revolving line of credit and potential acquisition.

The deal represents a total value of $680 million, BlockFi CEO Zac Prince tweeted this afternoon. “An option to acquire BlockFi at a variable price of up to $240M based on performance triggers” is on the table, he said.

This story is developing and will be updated.