Orlando Bravo, founder of private equity firm Thoma Bravo, is permanently out of the crypto market following his firm’s disastrous investment in the now-bankrupt FTX exchange. Bravo, who once called FTX the “most cutting-edge, sophisticated cryptocurrency exchange in the world,” now says that he and his firm are permanently out of crypto.
The downfall of FTX, which spiraled into bankruptcy in late 2022 amidst accusations of massive fraud and conspiracy, has left a lasting impact on Bravo’s investment philosophy. “Once you make a mistake and once you get burned on something, our philosophy and my philosophy is you never touch it again,” he stated in a recent CNBC interview.
This marked a significant setback for Thoma Bravo, a giant in the technology investment space known for orchestrating multibillion-dollar acquisitions. Despite this, the firm remains strong, overseeing roughly $160 billion in assets and recently returning close to $13 billion to its investors.
At the time of Thoma Bravo’s $130 million investment in FTX in 2021, the crypto exchange was booming, and its founder, Sam Bankman-Fried, was an industry icon. However, by November 2022, FTX’s value plummeted to zero, and top executives were accused of misappropriating billions in customer funds.
While Bravo acknowledges the potential of blockchain technology, he remains firm in his decision to steer clear of crypto investments, stating, “From an investment standpoint, after you make a mistake, you kind of move on.”
