FTX is trying to buy out crypto lender BlockFi for 99% below the company’s last valuation of $4.8 billion.
The deal is expected to close by the end of the week. FTX is reportedly buying the company for between $25 million to $50 million.
The price tag and acquisition date could change, and both companies are hush-hush about the deal.
FTX said the company “would not be commenting on the matter.” BlockFi said the company “does not comment on market rumors.” BlockFi CEO Zac Prince also tweeted the $25 million figure is “market rumors.”
Last week, FTX provided $250 million to BlockFi to “navigate the market from a position of strength.”