Sequoia Capital will gain over 100 million dollars in profit from Stripe's acquisition of Bridge

According to reports, venture capital firm Sequoia Capital owns 16% of the stablecoin platform Bridge and is expected to gain over $100 million in profits from Stripe's acquisition of Bridge for $1.1 billion. Insiders say that Sequoia Capital invested $19 million in Bridge during its Series A funding round last year.

Other venture capital firms will also reap hundreds of millions of dollars from their stakes in Bridge, including Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management. Ribbit holds about 10% stake in Bridge worth $100 million while both Bedrock and Index Ventures each hold approximately 6%. Kathryn Haun's venture capital company holds a 4% stake.

Earlier news reported that Stripe acquired the stablecoin payment platform Bridge for $1.1 billion; this marks the largest acquisition so far in the crypto industry.