ICYMI: A leaked investor call revealed Morgan Creek’s bid for BlockFi. Here are four more big takeaways from the call
went public, leading to a rapid withdrawal of customer funds from the platform.
Representatives from Morgan Creek and FTX declined to comment on the details of the valuation. A spokesperson from BlockFi stated that “ During the call, Yusko claimed that the $1 billion loan was overcollateralized by 30 percent, meaning that 3AC had put forward roughly $1.33 billion in assets. Later, Morgan Creek co-founder Anthony Pompliano claimed that two-thirds of that was bitcoin, which was immediately seized and liquidated and the remaining third were shares of GBTC. That would be worth roughly $430 million.
BlockFi does not comment on market rumors," adding that “it would be inappropriate to suggest any claims made outside of official BlockFi or FTX channels as anything more than pure speculation.”When asked during the call what event might trigger FTX’s option, Mark Yusko explained that “there’s no trigger, they just have an option.”
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