CNBC reports that less than a year after raising capital at a valuation of $3 billion, bitcoin player BlockFi is on the verge of being acquired by FTX for as little as $25 million. 

Friday could see the signing of an agreement before the end of the quarter, according to sources cited by CNBC.

Only days earlier, FTX had provided BlockFi with an emergency $250 million line of credit. 

That happened only a few weeks after BlockFi said it was slashing 20% of its personnel and was reportedly closing in on a $1 billion investment round. 

FTX has found itself in a solid position in the face of a crypto winter and a wider economic crisis. 

According to a story published earlier today by The Block, it has turned down the opportunity to acquire Celsius after discovering a $2 billion balance sheet shortfall in the struggling company. 

Although FTX CEO Sam Bankman-Fried, who owns a 7.6 percent stake in the trading app, maintains there are "no current M&A negotiations," the crypto powerhouse has been rumoured to be interested in purchasing Robinhood.