Crypto lender Nexo had offered BlockFi a deal worth a total of around $850 million, Nexo co-founder Antoni Trenchev said. It included $30 million for the acquisition of 51% of BlockFi through a combination of cash and equity, $30 million payable to BlockFi's existing shareholders upon successful S1 registration of BlockFi's yield product with the U.S. Securities and Exchange Commission and a $500 million credit line to address BlockFi's liquidity needs, according to the investment proposal document.

The offer was made in July when BlockFi was struggling financially after losing $80 million due to its exposure to now-bankrupt crypto hedge fund Three Arrows Capital. BlockFi rejected Nexo's offer and chose to stick with a non-final deal with FTX.US, which filed for bankruptcy protection last week alongside sister trading firm Alameda Research.