Thoma Bravo founder pledges to abstain from cryptocurrency investments following a disastrous bet on FTX.

• Thoma Bravo founder Orlando Bravo stated that he has gained valuable insights from his unsuccessful investment in FTX, a crypto exchange.
• Bravo stated in a CNBC interview on Thursday that after making a mistake and experiencing a burn, his philosophy is to never touch it again.
• In recent years, Thoma Bravo has become a prominent figure in the tech industry through several multibillion-dollar software acquisitions.

In 2018, private equity investor Orlando Bravo praised FTX as the "most advanced and complex cryptocurrency exchange globally," after his investment firm led a $900 million investment in the company at a valuation of $18 billion.

CNBC reports that Bravo and his firm, Thoma Bravo, have permanently abandoned the crypto market after the collapse of FTX in late 2022 and the imprisonment of founder Sam Bankman-Fried for 25 years for fraud and conspiracy.

"Bravo stated in a CNBC interview on "Squawk on the Street" that once you make a mistake or experience a setback, his philosophy is to never touch it again, even if it turns out to be a missed opportunity."

San Francisco-based Thoma Bravo, a major investor in technology, experienced a sideways turn with its recent acquisition of cybersecurity software vendor Proofpoint, property management software company RealPage, finance and supply chain software developer Anaplan, and spend management software company Coupa.

In March, Thoma Bravo announced that it had returned nearly $13 billion to its investors. Its recent exits include the $3.6 billion sale of Imperva to Thales Group in 2023 and the $4 billion sale of Barracuda Networks to KKR the previous year.

The company, established in 2008, manages approximately $160 billion in assets.

FTX was experiencing a surge in popularity during Bravo's investment, with Fried being widely recognized as a leader in the crypto industry.

FTX's next phase of growth is being supported by Bravo's firm, which invested $130 million in the round, as they create a new ecosystem for crypto.

By November 2022, FTX's value had dropped to zero and top executives were being accused of embezzling over $8 billion in customer funds.

Bravo stated on Thursday that the underlying technology of crypto, blockchain, has potential, but he is not investing in bitcoin or any company in the space.

"Investment-wise, I believe that after making a mistake, it's best to move on."

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