The new date is Jul 1, 2022.

FTX has an option to purchase BlockFi for what was described as a "variable price" that could go as high as $240 million, according to the CEO of BlockFi.

Cryptocurrency Illustrations As Musk Roils Crypto Market

BlockFi's price tag is less than it was a year ago.

© 2021 Bloomberg Finance LP

CNBC reported Thursday that FTX may purchase BlockFi for as little as $25 million.

Another $400 million of credit will be given to BlockFi by FTX.

The sale price is less than the $3 billion valuation BlockFi received in a funding round last March.

PLAY Forbes Business Full Screen About Connatix SoCal’s Baekjeong Korean Barbecue Plans Expansion Into Seattle And San Jose Read More George Harrison Remembered 20 Years After Death With Poetry Book By Wife Olivia Harrison Read More Ukraine’s Weirdest Howitzer Drove Russian Troops Off Snake Island Read More Read More This Week In XR: Mona Metaverse Raises $14.6 Million, Niantic Teams With NBA For AR Game, Immerse Language Learning In VR Read More Malcolm McDowell, Henry Thomas And Alex Essoe Greet Fans At Days Of The Dead Convention Read More 1/1 Skip Ad Continue watching after the ad Loading PodsVisit Advertiser websiteGO TO PAGE SoCal’s Baekjeong Korean Barbecue Plans Expansion Into Seattle And San Jose

Key Background

FTX was close to a deal to acquire BlockFi, according to reports. Sam Bankman-Fried is the founder and CEO of FTX and is the 81st richest person in the world. BlockFi received $250 million in credit from FTX. The crash in thecryptocurrencies market has had a significant impact on Block Fi. The firm cut 20% of its workforce earlier this month. Since the beginning of the year, the price of the digital currency has fallen more than 50% and has fallen more than 30% in the last month.

Crucial Quote

Market events related to Celsius and 3AC had a negative impact on Block Fi. There was an increase in client withdrawals from BlockFi's platform after the Celsius news on June 12th. Celsius pausing withdrawals on June 13 and Three Arrows Capital being ordered into Liquidation this week are referred to by Prince.

Reports suggest that the exchange is close to buying Blockfi.