Bear market not acquiring, what to do? Bloomberg: FTX founder SBF considering acquiring distressed mining companies

According to Bloomberg, FTX US, which has just completed the loan and acquisition conditions with the lending platform BlockFi, is taking the next step. FTX US co-founder SBF stated that he remains open to acquisitions in the cryptocurrency mining industry.

According to a report by Bloomberg, following the completion of the loan and acquisition terms with the lending platform BlockFi, FTX US, co-founded by SBF, is moving forward with its next steps. SBF stated that they are open to acquiring companies in the cryptocurrency mining industry.

Bloomberg quoted SBF saying, "When we look at mining, they may indeed be affected, even to the extent of using mining equipment as collateral for loans. This is also an opportunity for us, and I don't want to underestimate the possibility."

SBF mentioned that they are looking for mining companies with unsustainable debt levels, which could impact the balance sheets of cryptocurrency lending companies.

However, on July 3, he denied the claim that they are actively seeking mining companies. He stated, "We are not specifically looking for companies in this sector."

Bloomberg reported that during the bear market, miners are struggling to raise funds to cover debts incurred from aggressive expansion over the past two years. Since November last year, the value of popular mining machines has halved, and loans secured by mining machines have reached up to $4 billion. This situation may lead to merger and acquisition opportunities.

Marathon Digital Holdings, a publicly traded mining company in the United States, previously expressed openness to selling in April. The company's stock has plummeted by over 90% since its listing.