Morgan Creek Digital aims to raise $250 million from investors to acquire a majority stake in blockchain platform BlockFi. CoinDesk writes this with reference to the head of venture capital firm Mark Yusko.

Journalists captured the recording of Yusko’s meeting with investors on June 21. According to the top executive, the Morgan Creek initiative is a response to the BlockFi deal with the FTX exchange.

On Tuesday, BlockFi CEO Zach Prince announced that his company has signed a $250 million revolving line of credit with FTX.

Later, information appeared in the media about the Bitcoin exchange’s plans to buy shares in BlockFi.

Yusko stressed that the initial agreement between the parties allowed FTX to purchase the landing platform at “almost zero price.” If the exchange seizes this opportunity, it will “clean up” existing shareholders, including security options management and employees, and venture capital investors.

In a meeting with CoinDesk, a BlockFi representative noted that the parties have not yet reached a final agreement and are discussing the details of the agreement.

Yusko believes that if FTX decides to take over the platform after expanding its line of credit, only the biggest investors in BlockFi’s last funding round will get at least some of their money back.

He explained that Morgan Creek, which has participated in several investment rounds, will be in trouble.

“The only alternative is to raise an equivalent amount of capital, which is what we’re working on. I’d say the probability of this is 10%, but it’s not zero. […] “It’s not over yet, but the situation certainly looks dire,” he said.

He stated that the venture company is not opposed to a joint agreement with FTX in which both parties will enter the capital.

Yusko said he spoke with a potential lead investor who could write a check for $100 million, as well as two other interested parties who would like to contribute up to $50 million.

Recall, on May 25, information appeared in the media about the plans of the Goldman Sachs holding to raise $ 2 billion to buy the assets of the Celsius Network crypto lending platform in case of bankruptcy.

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