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Crypto Futures and Options Exchange Deribit Raises Funds From Investors At $400 Million Valuation
Summary: According to four sources with knowledge of the matter, crypto futures and options exchange Deribit has raised $40 million from investors at a $400 million valuation. Deribit’s fundraising comes three months after it took a hit from liquidating Three Arrows Capital’s (3AC’s) positions within the company after the now-bankrupt crypto hedge fund lost nearly $200 ...
According to four sources with knowledge of the matter, crypto futures and options exchange Deribit has raised $40 million from investors at a $400 million valuation.
Deribit’s fundraising comes three months after it took a hit from liquidating Three Arrows Capital’s (3AC’s) positions within the company after the now-bankrupt crypto hedge fund lost nearly $200 million in investment from the Terra collapse. Deribit issued the liquidation application against 3AC in June.
According to Deribit’s chief commercial officer, Luuk Strijers, the $400 valuation was essentially irrelevant, as he believes that a company’s true value isn’t known until it conducts an external value.
“It’s more a clawback of dividends from exiting shareholders. We paid a high dividend before and decided it’s more prudent to strengthen our balance sheet and retain assets instead of distributing them to shareholders,” said Strijers.
Current weak market conditions gave investors a large discount on this fundraise. In comparison, Deribit's fundraise in August 2021 was valued at $2.1 billion, raising $100 million.
Author: Katie Lin
Tags: Deribit,fundraise,Funds,valuation
Link: Crypto Futures and Options Exchange Deribit Raises Funds From Investors At $400 Million Valuation [Copy]
