Sequoia to Rake in Over $100 Million From Crypto Acquisition

Venture capital firms are set to make hundreds of millions of dollars from Stripe Inc.’s acquisition of crypto platform Bridge for $1.1 billion in cash and stock, according to people familiar with the matter — a deal that’s handed VC firms a rare win in a difficult market for crypto startups.

Firms including Sequoia Capital, Ribbit Capital, Bedrock Fund Management, Index Ventures and Haun Ventures all saw their investments in the startup pay off many times over. The investments represent an unusually quick turnaround for VCs, particularly with the startup market mired in a post-pandemic slump. Bridge was less than three ...