People familiar with the matter: Sequoia Capital may make more than $100 million from Stripe's acquisition of Bridge

Odaily News Venture capital firms will 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. Institutions including Sequoia Capital, Ribbit Capital, Bedrock Fund Management, Index Ventures and Haun Ventures have made several times the return on their investments in the startup. When Stripe agreed to acquire Bridge, it was less than three years old. Among them, Sequoia Capital holds a 16% stake in Bridge and may profit more than $100 million from it. It is reported that Sequoia Capital invested $19 million in Bridge's Series A financing last year. (Bloomberg) Earlier, TechCrunch founder Michael Arrington wrote on X that payment company Stripe acquired stablecoin platform Bridge for $1.1 billion. Bridge is Stripe's largest acquisition to date and the largest acquisition in the history of the crypto industry. Bridge had previously raised $58 million, including a $40 million Series A financing with a valuation of $200 million. Bridge, founded by entrepreneurs Sean Yu and Zach Abrams, provides software tools to help businesses accept stablecoin payments. The two founders previously sold Venmo competitor Evenly to Block in 2013; Abrams is also a former senior employee of Coinbase.