BlockFi received a $850 million bid from Nexo to potentially buy it

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According to a “indicative investment proposal” document, cryptocurrency lender Nexo earlier this year made an unfulfilled bid to buy ailing rival BlockFi as part of a planned merger valued roughly $850 million.

When BlockFi received the offer in July, it was in financial trouble owing to a $80 million loss stemming from its exposure to the now-defunct crypto hedge fund Three Arrows Capital. BlockFi declined Nexo’s offer and instead to stay with a tentative agreement with FTX.US, which last week filed for bankruptcy along with sibling trading business Alameda Research.

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