Crypto Lender BlockFi, in Talks With FTX, Also Gets Ledn Offer

Troubled crypto lender BlockFi Inc., already in talks with industry giant FTX, has been approached about a deal with another party that includes rival Ledn, according to three people with knowledge of the matter.

FTX, the crypto exchange founded by Sam Bankman-Fried, is negotiating a potential acquisition of BlockFi, Bloomberg reported earlier. But the price FTX is seeking — CNBC reported it was roughly $25 million — is a deep discount from BlockFi’s $3 billion valuation in March 2021. Unlike the bid from FTX, Ledn’s proposal involves fresh funding rather than a full acquisition and has been submitted to a BlockFi board member, according to one of the people, all of whom declined to be identified because the talks are confidential.