Crypto Futures and Options Exchange Deribit Raises Funds From Investors At $400 Million Valuation

According to The Block, crypto futures and options exchange Deribit has raised $40 million from investors at a $400 million valuation.Deribit’s fundraising comes three months after it took a hit from liquidating Three Arrows Capital’s (3AC’s) positions within the company after the now-bankrupt crypto hedge fund lost nearly $200 million in investment from the Terra collapse. Deribit issued a liquidation application against the exchange in June.According to Deribit’s chief commercial officer, Luuk Strijers, the $400 valuation was essentially irrelevant.“It’s more a clawback of dividends from exiting shareholders. We paid a high dividend before and decided it’s more prudent to strengthen our balance sheet and retain assets instead of distributing them to shareholders,” said Strijers.Strijers believes that a company’s true value isn’t known until it conducts an external value.Current weak market conditions gave investors a large discount. At its last fundraise in August 2021, Deribit was valued at $2.1 billion, raising $100 million.Author: Katie Lin