FTX Aftermath, CEO Who Lost $130M Vows to Never Touch Crypto Again
Orlando Bravo, the CEO of Thoma Bravo has vowed never to touch crypto again after the FTX implosion. Thomas Bravo previously led a $900 million investment in the exchange. The collapse of the crypto exchange in 2022 led to widespread losses coupled with a crash in the prices of digital assets.
Orlando Bravo Rues FTX Investment
The CEO of Thoma Bravo will steer clear of crypto assets following a failed investment in FTX. In a recent CNBC interview, Bravo commented on the infamous collapse in 2022 highlighting lessons learned so far. The private equity firm will permanently opt out of crypto due to the company’s philosophy.
Once you make a mistake and once you get burned on something, our philosophy and my philosophy is you never touch it again. Even if it turns out that you missed a big boom.
The company led a $900 million investment into the crypto exchange raising its valuation to $18 billion. Bravo described the exchange as heading into the next phase of growth in 2021 with its contribution totaling $130 million. Thoma Bravo has become a major tech investor stemming from huge buyouts in recent years including Proofpoint, Coupa, Anaplan, and RealPage.
The firm now oversees about $160 billion in assets turning to new chapters. The crypto market was rocked by the implosion which led to approximately $8 billion in losses with repayment plans underway. Recently, Coinbase CLO Paul Grewal slammed the Securities and Exchange Commission (SEC) for warning against repayments in stablecoins.
Still Bullish on Blockchain Technology
Despite the huge losses recorded by the firm, Bravo stated that the underlying technology is promising but reiterated the decision to stay away from particular crypto assets. Blockchain technology has been adopted by several institutions as mainstream and traditional use cases continue to evolve.
Personally, I’m a believer in blockchain. I think it’s a powerful way of doing many things and for many use cases, and I’ve always believed that. From an investment standpoint, after you make a mistake, you kind of move on.
The FTX saga affected a lot of institutions leading to widespread clamor for more market regulations from authorities.
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