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

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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.

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