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Sequoia Capital Writes Down Entire Value of Its FTX Stake

  • “We are in the business of taking risk,” Sequoia writes
  • The writedown includes holdings of both FTX.com and FTX.us
Updated on

Sequoia Capital wrote down the full value of its $214 million investment in FTX only weeks after hailing the founder of the embattled cryptocurrency exchange as a “legend” with a “savior complex.”

The VC firm made its investment last year in FTX’s international and US businesses, Sequoia told its investors Wednesday. The writedown includes holdings of both FTX.com and FTX.us, said a spokeswoman for the firm.