According to TechFlow, Orlando Bravo, head of Thoma Bravo, a private equity firm that manages approximately $160 billion in assets, said in an interview with CNBC that the company will permanently withdraw from the crypto market.
The decision stems from its failed investment in FTX, in which Thoma Bravo participated in a $900 million investment in FTX in 2021. After the collapse of FTX, Thoma Bravo and other investors faced huge losses and were involved in a lawsuit accusing it of making misleading statements when promoting FTX. Despite this, Bravo said he personally still believes in the potential of blockchain technology.
Meanwhile, the FTX bankruptcy case is drawing to a close, having successfully recovered approximately $16 billion and is expected to fully repay customers. The Delaware Bankruptcy Court will hold a hearing on October 7 to confirm FTX's Chapter 11 reorganization plan. If approved, more than 98% of customers and unsecured creditors will be fully repaid.
