SBF's FTX Considered Buying Celsius but Walked Away After Seeing a $2B Hole in Finances

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SBF's FTX Considered Buying Celsius but Walked Away After Seeing a $2B Hole in Finances - Report

Published Jun 30, 2022 05:33AM ET Updated Jun 30, 2022 09:56AM ET

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SBF's FTX Considered Buying Celsius but Walked Away After Seeing a $2B Hole in Finances - Report

By Senad Karaahmetovic

FTX, one of the world’s largest digital asset exchanges, was considering a deal to buy the embattled crypto lender Celsius, The Block reports.

FTX, led by a young billionaire Samuel Bankman-Fried (SBF), ultimately opted against making the deal given Celsius’ troubled finances. The Block, citing two sources, reported that FTX walked away after seeing a $2 billion hole in Celsius' balance sheet.

Accordingly, the crypto exchange “found the company difficult to deal with” after initially discussing the provision of financial support or an outright acquisition.

The same media outlet reported earlier this week that Celsius has been advised to file for Chapter 11 protection.

FTX may still decide to make a big acquisition with the crypto exchange interested in Celsius’ rival BlockFi. Two firms are in discussion over a deal after FTX provided a $250 million revolving credit facility to BlockFi, The Block reported.

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