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Payments giant Stripe has acquired stablecoin platform Bridge in a $1.1 billion deal, marking the largest crypto acquisition to date. Bridge, founded by former Coinbase executives, provides tools for businesses to create, store, and accept stablecoins. The acquisition has resulted in significant financial gains for venture capital firms, with Sequoia Capital reportedly making well over $100 million from its 16% stake in Bridge. Other early investors, including Ribbit and Index Ventures, have also locked in substantial returns. This acquisition provides a multimillion-dollar windfall for venture capital firms and is notable given the current challenging market conditions for crypto.
SEQUOIA CASHES IN ON STRIPE’S $1.1B BRIDGE BUYOUT Stripe’s acquisition of Bridge delivers a powerful win for early investors like Sequoia, Ribbit, and Index Ventures, yielding over $100 million each in returns. In a tough market for crypto, this fast-track exit from a… https://t.co/z7hN3zqyUO
SEQUOIA SCORES A MAJOR BAG IN STRIPE-BRIDGE DEAL Stripe’s $1.1B takeover of Bridge just pumped Sequoia, Ribbit, and Index Ventures' bags big time. With cash and stock flowing, these VCs locked in gains that are rare in today’s crypto bear market. Bridge, barely out of stealth… https://t.co/auX1e25jyh
Sources: VC firms are set to make hundreds of millions from Stripe's $1.1B acquisition of Bridge; Sequoia's ~16% stake is worth significantly more than $100M (@katie_roof / Bloomberg) https://t.co/pLKqZgsWRW 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/2OPdMpmAEV
