What is FTX's $250 million revolving credit line?

Photo composite: Elizabeth Smelov Crypto exchange FTX extended a $250 million revolving credit line to crypto lender BlockFi. BlockFi co-founder and Chief Executive Zac Prince said via Twitter on Tuesday that the companies had signed a term sheet, “providing us with access to capital that further bolsters our balance sheet and platform strength.”

What is BlockFi's $250 million revolving credit facility?

Crypto lending platform BlockFi announced that it has secured a $250 million revolving credit facility from FTX, BlockFi CEO Zac Prince said in a tweet on Tuesday, and the company subsequently announced in a press release. Prince said the move “bolsters our balance sheet and platform strength.”

What would FTX pay for BlockFi?

If FTX acquires BlockFi, the deal would likely value the crypto lender at around $150mn, according to people close to the transaction. On Thursday, CNBC had reported that FTX was expected to pay roughly $25mn for BlockFi, a figure Prince denied.

What's happening at FTX Trading Ltd?

We’ll send you a myFT Daily Digest email rounding up the latest FTX Trading Ltd news every morning. FTX has signed a deal with BlockFi that includes an option for the cryptocurrency exchange to buy the lending platform for up to $240mn, as digital asset firms grapple with the fallout from the crypto downturn.