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VOICE ARCHIVE

Zac Prince

@blockfizac
21 posts
2022-07-04
(Long thread!) Excited to share an update on our previously announced term sheet with @FTX_US - and how we've broadened the scope of the initial deal for the benefit of all key @BlockFi stakeholders.
2022-07-04 View on X
Axios

BlockFi agrees to an option to be acquired by FTX for up to $240M, plus a $400M revolving credit facility; BlockFi CEO: “we continue to see a healthy ecosystem”

Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for: 1. A $400M revolving credit facility which is subordinate to all client funds, and 2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.
2022-07-04 View on X
Axios

BlockFi agrees to an option to be acquired by FTX for up to $240M, plus a $400M revolving credit facility; BlockFi CEO: “we continue to see a healthy ecosystem”

2022-07-03
(Long thread!) Excited to share an update on our previously announced term sheet with @FTX_US - and how we've broadened the scope of the initial deal for the benefit of all key @BlockFi stakeholders.
2022-07-03 View on X
Axios

BlockFi agrees to an option to be acquired by FTX for up to $240M, plus a $400M revolving credit facility; BlockFi CEO: “we continue to see a healthy ecosystem”

Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.

Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for: 1. A $400M revolving credit facility which is subordinate to all client funds, and 2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.
2022-07-03 View on X
Axios

BlockFi agrees to an option to be acquired by FTX for up to $240M, plus a $400M revolving credit facility; BlockFi CEO: “we continue to see a healthy ecosystem”

Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.

2022-07-02
Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for: 1. A $400M revolving credit facility which is subordinate to all client funds, and 2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.
2022-07-02 View on X
Axios

BlockFi says it agreed to an option to be acquired by FTX for up to $240M; the deal also includes a $400M revolving credit facility from FTX

Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.

(Long thread!) Excited to share an update on our previously announced term sheet with @FTX_US - and how we've broadened the scope of the initial deal for the benefit of all key @BlockFi stakeholders.
2022-07-02 View on X
Axios

BlockFi says it agreed to an option to be acquired by FTX for up to $240M; the deal also includes a $400M revolving credit facility from FTX

Troubled crypto lender BlockFi said Friday that it agreed to an option to be acquired by FTX for up to $240 million.

2022-07-01
Lots of market rumors out there - I can 100% confirm that we aren't being sold for $25M. I encourage everyone to trust only details that you hear directly from @BlockFi. We will share more w you as soon as we can.
2022-07-01 View on X
CNBC

Sources: FTX is close to finalizing a term sheet to buy BlockFi for ~$25M and a deal could be signed by July 1; PitchBook: BlockFi was valued at $4.8B in 2021

- Crypto exchange FTX is close to finalizing a term sheet to buy BlockFi and a deal is expected to be signed by the end of this week …

2022-06-21
Today @BlockFi signed a term sheet with @FTX_Official to secure a $250M revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength.
2022-06-21 View on X
The Block

BlockFi CEO Zac Prince says the crypto lender “signed a term sheet with FTX to secure a $250M revolving credit facility”

- BlockFi secures $250 million revolving credit facility from crypto exchange FTX.  — The crypto lender says the deal ‘bolsters our balance sheet and platform strength.’ Source: @b...

To @BlockFi clients: We are here for you. Our team is battle tested and has weathered many storms over the years, which only makes us stronger and more resilient as we navigate today's market environment.
2022-06-21 View on X
The Block

BlockFi CEO Zac Prince says the crypto lender “signed a term sheet with FTX to secure a $250M revolving credit facility”

- BlockFi secures $250 million revolving credit facility from crypto exchange FTX.  — The crypto lender says the deal ‘bolsters our balance sheet and platform strength.’ Source: @b...

2022-06-18
I've been seeing a lot of speculation about BlockFi's risk management practices that I want to address. While our policy is to not comment on specific counterparties, we are committed to providing as much transparency as possible, and it's important to know the following:
2022-06-18 View on X
Financial Times

Sources: BlockFi was among the groups that liquidated at least some positions held by Three Arrows Capital, which failed to meet margin calls this past weekend

Negativity Continues to Plague the Crypto Hedge Fund Anushsamal / Bitcoinist.com : BlockFi Mentions That It Liquidated Three Arrows Capital, Here's What We Know! John P. Njui / Eth...

BlockFi can confirm that we exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan. We fully accelerated the loan and fully liquidated or hedged all the associated collateral.
2022-06-18 View on X
Financial Times

Sources: BlockFi was among the groups that liquidated at least some positions held by Three Arrows Capital, which failed to meet margin calls this past weekend

Negativity Continues to Plague the Crypto Hedge Fund Anushsamal / Bitcoinist.com : BlockFi Mentions That It Liquidated Three Arrows Capital, Here's What We Know! John P. Njui / Eth...

2022-06-17
I've been seeing a lot of speculation about BlockFi's risk management practices that I want to address. While our policy is to not comment on specific counterparties, we are committed to providing as much transparency as possible, and it's important to know the following:
2022-06-17 View on X
Financial Times

Sources: BlockFi was among the groups that liquidated at least some positions held by Three Arrows Capital, which failed to meet margin calls this past weekend

BlockFi was among a clutch of firms that liquidated the Singapore-based group's positions  —  Three Arrows Capital failed …

BlockFi can confirm that we exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan. We fully accelerated the loan and fully liquidated or hedged all the associated collateral.
2022-06-17 View on X
Financial Times

Sources: BlockFi was among the groups that liquidated at least some positions held by Three Arrows Capital, which failed to meet margin calls this past weekend

BlockFi was among a clutch of firms that liquidated the Singapore-based group's positions  —  Three Arrows Capital failed …

2022-06-14
All products and services @BlockFi continue to operate normally, including loans, interest earning, trading, credit card and deposits / withdrawals. We have zero stETH exposure and exited the principal positions we had in GBTC last fall.
2022-06-14 View on X
CoinDesk

Binance paused bitcoin withdrawals for a few hours on Monday “due to a stuck transaction causing a backlog”; the company says BTC withdrawals have since resumed

CEO Changpeng Zhao attributed the issue to a “stuck transaction,” and promised a quick fix. Source: @cz_binance , @binance , and @cz_binance .

This morning we announced that after taking significant time to plan and consider, we are reducing our headcount by roughly 20%. This is not a decision we take lightly and is one that brings us great sadness.
2022-06-14 View on X
Bloomberg

Major cryptocurrencies crash as the crypto market cap falls below $1T: bitcoin drops 15%+ to ~$22K, ether drops 16%+ to ~$1.2K, and Solana drops 7%+ to ~$28

(Any views expressed below are the personal views of the author … Mitchell Clark / The Verge : BlockFi and Crypto.com lay off hundreds of staff as coins slump Dylan LeClair / Bitco...

All products and services @BlockFi continue to operate normally, including loans, interest earning, trading, credit card and deposits / withdrawals. We have zero stETH exposure and exited the principal positions we had in GBTC last fall.
2022-06-14 View on X
Bloomberg

Major cryptocurrencies crash as the crypto market cap falls below $1T: bitcoin drops 15%+ to ~$22K, ether drops 16%+ to ~$1.2K, and Solana drops 7%+ to ~$28

(Any views expressed below are the personal views of the author … Mitchell Clark / The Verge : BlockFi and Crypto.com lay off hundreds of staff as coins slump Dylan LeClair / Bitco...

This morning we announced that after taking significant time to plan and consider, we are reducing our headcount by roughly 20%. This is not a decision we take lightly and is one that brings us great sadness.
2022-06-14 View on X
CoinDesk

Binance paused bitcoin withdrawals for a few hours on Monday “due to a stuck transaction causing a backlog”; the company says BTC withdrawals have since resumed

CEO Changpeng Zhao attributed the issue to a “stuck transaction,” and promised a quick fix. Source: @cz_binance , @binance , and @cz_binance .

2022-06-13
All products and services @BlockFi continue to operate normally, including loans, interest earning, trading, credit card and deposits / withdrawals. We have zero stETH exposure and exited the principal positions we had in GBTC last fall.
2022-06-13 View on X
Bloomberg

Major cryptocurrencies are crashing: bitcoin drops by 17%+ to ~$23K, ether drops by 20%+ to ~$1.2K, and Solana drops 18%+ to ~$28

Bitcoin plunged to the lowest in about 18 months in Asia trading Monday as the impact of Friday's shock US inflation data continued to reverberate through global risk assets.

All products and services @BlockFi continue to operate normally, including loans, interest earning, trading, credit card and deposits / withdrawals. We have zero stETH exposure and exited the principal positions we had in GBTC last fall.
2022-06-13 View on X
Celsius

DeFi lending platform Celsius pauses “all withdrawals, Swap, and transfers between accounts”, citing extreme market conditions

We are writing with a very important message for our community.  —  Due to extreme market conditions, today we are announcing that Celsius is pausing …

2021-07-20
Late Monday evening BlockFi received an order from the New Jersey Bureau of Securities regarding BlockFi Interest Account (BIA) operations in the State of New Jersey. (thread)
2021-07-20 View on X
Forbes

BlockFi CEO confirms it received an order from the New Jersey Bureau of Securities to stop accepting new Interest Accounts; existing users won't be impacted

I write about how digital assets are going to change the world  —  According to a draft press release from the New Jersey Office …