US online bank Dave received a $100 million investment from FTX Ventures in March 2022. Following FTX’s bankruptcy, Dave issued a press release, stating that it would repurchase $71 million of convertible bonds held by FTX. This move aims to reduce the impact of FTX’s liquidation on other investors in Dave and also recover some of the misappropriated funds for FTX’s creditors.
US Online Bank Dave to Repurchase $100 Million Convertible Bonds at Discount from FTX