Aliens TLDR

Crypto exchange operator FTX is seeking to acquire BlockFi outright, The Block has learned.

A source with knowledge of the process told The Block that the credit deal gave FTX an option on 50% of BlockFi equity.

Details from an investor call leaked earlier this week — revealing a bid by Morgan Creek to assemble investors to buy a majority stake in the crypto lender — had suggested that FTX possessed the right, via its credit deal, to convert loans into BlockFi's equity without restriction.

A BlockFi representative previously told The Block that such comments are “highly speculative.” It’s not immediately clear at this time whether the FTX deal will go through, given the possible existence of other offers.