TechFlow reports that Orlando Bravo, head of private equity firm Thoma Bravo which manages about $160 billion in assets, said in an interview with CNBC that the company will permanently exit the crypto market.
The decision stems from its failed investment in FTX. Thoma Bravo participated in a $900 million investment in FTX back in 2021. After FTX's collapse, Thoma Bravo and other investors faced massive losses and became involved in litigation alleging they made misleading statements while promoting FTX. Nevertheless, Bravo stated he personally still believes in the potential of blockchain technology.
Meanwhile, the FTX bankruptcy case is nearing its conclusion, having successfully recovered approximately $16 billion and positioning to fully repay customers. A hearing will be held on October 7 at the U.S. Bankruptcy Court in Delaware to confirm FTX's Chapter 11 reorganization plan. If approved, over 98% of customers and unsecured creditors will receive full repayment.
