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Nearly three years ago, private equity investor Orlando Bravo called FTX “the most advanced and sophisticated cryptocurrency exchange in the world” when his acquisition firm led the company’s acquisition. $900 million investment It acquired the company at a valuation of $18 billion.
Bravo now tells CNBC that he and his firm, Thoma Bravo, have exited crypto for good following the disaster. FTX was forced into bankruptcy in late 2022, and founder Sam Bankman Freed is currently serving a 25-year prison sentence for the massive fraud and conspiracy that destroyed FTX and sister hedge fund Alameda Research.
“Our philosophy, and my philosophy, is that if you make a mistake once, if you fail at something, you don’t touch it again,” Bravo said in an interview on CNBC’s “Squawk on the Streets” on Thursday, “even if it turns out you missed the big boom.”
FTX marks a sideways turn for San Francisco-based Thoma Bravo, which has emerged as a big tech investor in recent years with billion-dollar acquisitions including cybersecurity software vendor Proofpoint, property management software company Realpage, finance and supply chain software developer Anaplan and expense management software company Coupa.
Last year, Thoma Bravo returned nearly $13 billion to investors. said The announcement was made at a conference in March. Recent exits include $3.6 billion Selling Imperva Thales plans to invest $4 billion in the group in 2023 Sale of Barracuda Networks The previous year he joined KKR.
The firm was founded in 2008 and currently manages approximately $160 billion in assets.
When Thoma Bravo invested in FTX, the exchange was riding the wave of a cryptocurrency price surge. Bankman Freed was an industry icon who built the company into one of the largest exchanges in the world in about two years.
“We are excited to partner with FTX on their next stage of growth as they build a new ecosystem for cryptocurrency,” Bravo said in a July 2021 press release. His company’s investment in this round Reportedly It reached $130 million.
By November 2022, FTX’s value was at zero and its top executives were accused of misappropriating over $8 billion in client funds.
Bravo said Thursday that the blockchain technology that underpins cryptocurrencies still has potential, but he’s keeping his distance from either bitcoin itself or companies in the space.
“Personally, I’m a big believer in blockchain. I think it’s a powerful vehicle for a lot of things, a lot of use cases, and I’ve always believed that,” Bravo said. “From an investment standpoint, once you make a mistake, you just move on.”
clock: Bankman Freed sentenced to 25 years in prison
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