SCOOP: APompliano and MarkYusko’s Morgan Creek Digital are trying to put together an alternative rescue package for BlockFi. Why? FTX_Official’s $250M credit line stood to wipe out BlockFi shareholders, including Morgan Creek. 0x_bae reports
Cryptocurrency investment firm Morgan Creek Digital is attempting to raise $250 million from investors to purchase a majority stake in crypto lender BlockFi, a leaked investor call from Tuesday reveals.
At stake is the ability of BlockFi’s existing shareholders, including longtime backer Morgan Creek, to recoup their investments. According to Yusko, the FTX credit line proposal had a catch for BlockFi’s existing shareholders: It gave FTX the option to buy BlockFi “at essentially zero price.” If FTX were to exercise said option, it would effectively wipe out all of BlockFi’s existing equity shareholders, including management and employees with stock options, as well as all equity investors in the company’s previous venture rounds.
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