BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion

BLOOMBERG: BlackRock, the world’s biggest asset manager, is among financial firms stung by the bankruptcy of the Bahamas-based crypto exchange founded by Sam Bankman-Fried, who’s scheduled to speak at the same event later in the day. BlackRock, which oversees about $8 trillion, invested roughly $24 million in FTX through a vehicle called a fund of funds, said Fink, a long-time skeptic of cryptocurrencies. 

Money managers from Wall Street to Silicon Valley and beyond poured billions of dollars into FTX, pushing its valuation as high as $32 billion before it imploded earlier this month. Firms including Sequoia Capital and Tiger Global Management have since marked down their stakes to zero, as FTX and more than 130 affiliated entities went bust.

BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion ~ Dec. 1, 2022 – Rose Rambles…