SALT Series A Debt Conversion Graphic

Announcing $64 million Conversion of Debt into Series A Shares

Published Date: February 28, 2023

SALT Lending, a provider of cryptocurrency-backed loans, has completed a $64 million conversion of debt through a Series A preferred stock issuance in preparation for growth. This conversion will strengthen SALT’s balance sheet and support its plans for growth in 2023. The successful recapitalization reflects the confidence of the participating stakeholders in the company’s growth plans and product development.

Founder and Interim CEO of SALT, Shawn Owen, stated that despite facing market forces in 2022, the company aims to emerge stronger than ever. After the collapse of FTX last year, SALT took immediate action to reduce expenses, curb exposure and preserve capital. SALT paused all services and communicated openly with borrowers and lenders. With its new business growth plan, the company is confident it will continue to add value to the industry and is anticipating seeking additional capital in 2023 to further support its product roadmap. 

The company was advised by Ballard Spahr LLP as legal counsel and Berkeley Research Group, LLC as financial advisor in the Series A transaction.