Cryptocurrency

Thales

Squawk

Orlando Bravo, founder of private equity giant Thoma Bravo, has vowed to stay away from cryptocurrency investments following the firm’s ill-fated investment in the now-bankrupt FTX exchange.
A little over three years ago, Bravo introduced FTX as “the world’s most advanced, sophisticated cryptocurrency exchange” and invested $900 million, valuing the company at $18 billion.
In a recent interview with CNBC’s Squawk on the Street, Bravo discussed the collapse of FTX, which went bankrupt in late 2022, and the fraud case against its founder, Sam Bankman-Fried, who is now serving a 25-year prison sentence. Bravo stated that he and his company are done with cryptocurrency investments permanently:
“When you make a mistake and you get hurt by something, our philosophy and my philosophy is you never touch it again.”
It was a rare misstep for San Francisco-based Thoma Bravo, which has emerged as a dominant force in tech investing by orchestrating multibillion-dollar acquisitions of companies such as FTX, cybersecurity vendor Proofpoint and software firms Anaplan and Coupa. The firm has returned an estimated $13 billion to investors in 2023 alone. Its recent notable exits include the $3.6 billion sale of Imperva to Thales Group and the $4 billion sale of Barracuda Networks to KKR.
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At the time of its FTX investment in 2021, Thoma Bravo, along with other major investors, was riding the wave of cryptocurrency price appreciation. Bankman-Fried was seen as an industry visionary who had built FTX into one of the largest exchanges in just two years. Bravo expressed excitement about FTX’s potential to “create a new ecosystem for crypto” in a press release at the time. Reports suggest that Thoma Bravo invested around $130 million in the round.
But by November 2022, FTX had collapsed and its value had plummeted to zero as senior executives faced accusations of embezzling over $8 billion in customer funds.
Despite the setbacks, Bravo still sees potential in blockchain, the technology that underpins cryptocurrencies. “I’m a big believer in blockchain,” Bravo told CNBC, calling it a “powerful” tool with a multitude of applications. Still, from an investment perspective, Bravo remains steadfast: “You make one mistake and then you move on.”
*This is not investment advice.
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Founder, Who Was Bullish on Cryptocurrencies Before, Said “I Will Never Touch Cryptocurrencies Again”, Here’s Why

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