cryptocurrency

FTX Exchange CEO Denies Huobi Global Acquisition Rumors

FTX Exchange CEO Denies Huobi Global Acquisition Rumors
  • On August 12, speculation about a possible acquisition first surfaced.
  • BlockFi received a credit line from FTX in July.

according to FTXThere are no plans to buy Huobi. FTX CEO Sam Bankman Fried They fired on the reports on August 29 with a tweet. Bankman-Fried was ambiguous about whether his organization had intentions to invest in Huobi by buying shares.

Debunked as a merger, the deal was to unite the largest cryptocurrency exchanges. Over the past 24 hours, FTX has processed $1.8 billion in volume, while Huobi has processed $640 million.

On August 12, speculation about a possible acquisition first surfaced. Bloomberg reported at the time that Huobi founder Leon Li was considering selling his shares. Li owns a 60% stake in Huobi, which is now valued at between $2 billion to $3 billion. According to that report, a number of investors, including FTX and Justin Sun, were considering an offer to buy a controlling stake in Hopi.

The best time to seize opportunities

Although FTX has no plans to acquire Huobi, the company has looked at other acquisition opportunities so far in 2022. Due to Celsius’ financial constraints, it chose not to purchase the crypto lending business in June.

BlockFi received a credit line from FTX in July. This offer includes the provision of a purchase of BlockFi in the price range between 0 and 240 million dollars. In July, FTX also submitted an offer to buy Voyager Digital’s assets without acquiring the company. Although Voyager Digital had previously accepted a loan from FTX, the company vehemently rejected the offer.

During the same month, Bloomberg reported that the company was looking into buying the South Korean exchange Bithumb. These rumored acquisition strategies have not resulted in any actual purchases. However, FTX’s high revenue and status indicate that the company is considering significant market transactions.

Recommended for you:

FTX revenue growth surges over 1000% to $1.02 billion in 2021

#FTX #Exchange #CEO #Denies #Huobi #Global #Acquisition #Rumors

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button