Court approves sale of FTX de minimis assets

The Delaware bankruptcy court approved the sale of FTX’s certain assets classified as De Minimis.

The approval covers investments free of encumbrances, valued at up to $1 million with initial investments not exceeding $5 million.

According to The Block, FTX, through subsidiaries including Alameda, invested about $5.3 billion across 475 deals. Amounts ranged from $100 million for Mysten Labs to $1 million checks for Limit Break or Messari.

Under the court’s order, the debtors must coordinate sales with financial advisers. FTX will also have to report deals on a monthly basis.

Invested assets will have five days to object to a potential sale. If no objections are raised, the exchange may proceed with transactions in the assets on its own without court approval.

Back in November, Justin Sun, founder of the Tron Foundation, expressed interest in FTX’s investment portfolio.