CEO John Ray III intends to relaunch the crypto exchange FTX 2.0, attracting interest from 363 potential buyers, including industry giants BlackRock, Ripple, and Nasdaq.
Under CEO John Ray III’s leadership, FTX Debtors have revealed their intentions to revive the struggling crypto exchange FTX as part of a bankruptcy restructuring plan. Recently, FTX unveiled the names of parties involved in the 363 Sale process, which permits the sale of a company’s assets under the US Bankruptcy Code.
In a court filing on June 22, FTX’s consultant, Alvarez & Marsal, disclosed a list of “363 Sales Parties.” These are entities that have expressed interest in acquiring a part or the entirety of FTX 2.0 for its relaunch. These parties have been contacted and have signed non-disclosure agreements, indicating their desire to obtain more information regarding the restructuring and reboot of the exchange.
Among the noteworthy names within the 363 Sales Parties are Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin. These prominent entities have expressed interest in acquiring a stake or participating in the restart of FTX 2.0.
The aforementioned list of potential buyers and investors interested in the crypto exchange FTX 2.0 is not exhaustive. FTX Debtors intend to carry out the sale process in either Q3 or Q4 of this year and choose a “stalking-horse bidder.” This bidder, among the mentioned companies, will likely play a leading role in the bidding process.These prominent entities have expressed interest in acquiring a stake or participating in the restart of FTX 2.0.
As CEO John Ray III’s team focuses on various aspects such as preparing the bid process letter, identifying interested parties, onboarding market makers, and relaunching FTX Japan, companies are also expressing interest in investing in FTX 2.0.
In a significant trend, numerous traditional financial firms (TradFi) are entering the crypto industry. BlackRock has filed for a spot Bitcoin ETF, JPMorgan has introduced Euro blockchain payments utilizing JPM Coin, and EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has initiated crypto trading services. Notably, TradFi firms are also displaying interest in FTX 2.0.
Following a court ruling by Bankruptcy Judge John Dorsey, four media outlets, namely Bloomberg, Dow Jones & Company, The New York Times, and The Financial Times, have filed an appeal. The court decision allowed FTX, a crypto exchange, to permanently redact customer names. Judge Dorsey cited concerns about potential identity theft and scams as the reason for keeping the individual customers’ names confidential.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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