FTX US Gains Option to Acquire BlockFi at a Variable Price of Up to $240 Million

BlockFi CEO Zac Prince tweeted that his company has signed an agreement with FTX.US (subject to shareholder approval) for FTX.US to provide BlockFi with a $400 million revolving credit facility and the right for FTX to acquire BlockFi for a variable price of up to $240 million based on performance triggers. With other potential consideration, the total value of the agreement is up to $680 million, Zac Prince said. BlockFi has not yet drawn on this credit facility and continues to operate all products and services as normal.