Sequoia marks down its investment in embattled crypto bourse FTX to zero

Sequoia marks down its investment in embattled crypto bourse FTX to zero

Binance and FTX logos are seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

Sequoia Capital has marked down its investment in the embattled crypto exchange FTX to zero, according to a note shared by the firm with its limited partners (LPs) on Thursday.

“Sequoia Capital’s exposure to FTX is limited. We own FTX.com and FTX US in one private fund, Global Growth Fund III. Our $150 million cost basis accounts for less than 3% of the committed capital of thee fund,” the venture capital firm said in the note. The $150 million loss is offset by the roughly $7.5 billion realised and unrealised gains of the same fund, Sequoia added. 

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