24/7 Cryptocurrency News

Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal

Published by
Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal

Troubled crypto lender BlockFi has reportedly received a new proposal for its acquisition, said three sources familiar with the matter. This time the proposal has come from BlockFi’s Canada-based competitor Ledn challenging the already proposed bid by crypto exchange FTX.

As per an earlier report, FTX is currently negotiating with BlockFi. However, as per the CNBC report, FTX is willing to acquire BlockFi assets for just $25 million which is 99% lower than its recent valuations of $25 billion.

Challenging FTX, Canada-based crypto lender Ledn has come up with a better proposal for BlockFi. Unlike FTX which is seeking a full acquisition, Ledn proposal involves fresh funding.

The sources told Bloomberg that Ledn would lead a funding round of $400 million along with offering a $50 million equity contribution. ParaFi Capital is also likely to be another investor in the deal. Commenting on the matter, Ledn Chief Executive Officer Adam Reeds said:

“Given its operational strength, Ledn is currently evaluating a number of opportunities to broaden its leadership in digital asset lending and beyond. At the moment, we cannot share any additional details.”

For now, BlockFi has denied commenting on the matter and the circulating rumors.

BlockFi Competitor Ledn

BlockFi is a Canada-based crypto lending platform offering users the ability to earn 7.5% annual yields against lending their Bitcoin and USDC stablecoin holdings. Besides, it also allows users to swap Bitcoin for USDC.

Ledn takes a different approach from its market rivals. The crypto lender doesn’t invest in decentralized finance (DeFi) apps in order to generate yields. Some of its investors include big names like Coinbase Ventures, Valor Capital Group, and Susquehanna Private Equity Investments.

With its exposure to the insolvent Three Arrows Capital (3AC) and the overall crypto market turmoil, BlockFi has been facing a major liquidity crunch. Earlier in June 2022, FTX offered BlockFi a $250 million revolving credit line.

With too much speculations around, we can expect a BlockFi deal anytime soon.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’

The long-running rivalry between gold and Bitcoin has resurfaced. Economist and gold advocate Peter Schiff…

October 8, 2025
  • 24/7 Cryptocurrency News

CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300

BNB has surged to a record $1,300, overtaking XRP in market value, as CEA Industries…

October 7, 2025
  • 24/7 Cryptocurrency News

Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens

Veteran trader Peter Brandt has dropped another XRP analysis, in which he revealed what could…

October 7, 2025
  • 24/7 Cryptocurrency News

Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts

Federal Reserve Governor Stephen Miran has again suggested that he isn't worried about the inflation…

October 7, 2025
  • 24/7 Cryptocurrency News

S&P Launches Crypto 50 Index But There’s A Catch

S&P Dow Jones Indices has introduced a new crypto index called the S&P Digital Markets…

October 7, 2025
  • 24/7 Cryptocurrency News

NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up

Crypto predictions platform Polymarket has secured a strategic investment from New York Stock Exchange (NYSE)…

October 7, 2025