Orlando Bravo isn't thrilled with crypto ethics
The founder of the American investment company Thoma Bravo believes that the cryptocurrency business is not as ethical as private equity. He shared this opinion at the IPEM Financial Investment Forum in Cannes.
Orlando Bravo noted that he was satisfied with crypto deals made by the firm earlier, but faced difficulties in a broader area. He criticized the digital asset market for its lack of transparency and anxiety. He also opined that the ethical problems would get fixed over time as the industry matures.
I’ve gotten to know that world a little bit more, and some of the business practices don’t rise to the level of ethics that we’re all used to in private equity with your investors and your customers and your community, and that has been a bit disappointing, said Orlando Bravo, adding that his opinion about the first cryptocurrency hasn’t changed.
The Bitcoin supporter expressed optimism about BTC on Twitter and even spoke at the Bitcoin conference in Miami. In January, he wrote that cryptocurrency could be used as a primary savings tool.
In addition, his company owns a stake in the FTX crypto exchange. In 2021 Thoma Bravo invested approximately $150 million in Sam Bankman-Frida’s crypto exchange. It also has small investments in several other crypto companies. For example, the investment giant bought minority stakes in Anchorage Digital, FalconX, Figment and TRM Labs.
Asked whether he would do more crypto deals in the current climate, he said: “We at Thoma Bravo are really happy with what we have, and we want to see that grow and be successful before we can do a lot more.”
However, Orlando Bravo said, the firm would certainly look at putting more money into FTX if it held another funding round. The Bahamas-based crypto company was going to be “a big winner”, he said, describing Sam Bankman-Fried as “one of the best entrepreneurs” he had come across.
Thoma Bravo is a private equity investment company with more than $122 billion in assets under management as of June 30, 2022. The firm invests in the software and technology sectors. As stated on the company’s website, their investment philosophy is focused on working together with management teams to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Their business is based on a partnership approach supported by a set of management principles, operational indicators and business processes. Thoma Bravo engages in strategic acquisitions with long-term value.
