About 117 potential buyers are interested in acquiring the subsidiaries of the FTX bitcoin exchange that are undergoing bankruptcy proceedings, according to court documents.
According to the filing, the debtor is prioritising the sale of LedgerX, FTX Japan, FTX Europe and the exchange-clearing platform Embed. Kevin Coffey, a partner representing the exchange’s interests at investment bank Perella Weinberg, enumerated the reasons for this approach:
- their relative independence;
- their potentially high value and the risk of losing it over time;
- the costs of supporting the operations of the enterprises;
- significant buyer interest.
“Approximately 117 entities, including various financial and strategic counterparties from around the world, expressed interest in the debtor’s potential purchase of one or more companies,” Coffey said.
He said that 59 such non-disclosure agreements have already been signed.
56 parties are vying for the LedgerX derivatives platform; Embed has 50 potential buyers, and FTX Japan and FTX Europe have 41 and 40 respectively.
The U.S. Department of Justice’s bankruptcy division filed an objection to the sale of the debtor’s assets amid allegations of serious misconduct.
In the response, FTX representatives assured that assets related to claims against former CEO Sam Bankman-Fried and other former top executives would not be sold.
Against the backdrop of the approaching deadline for submitting bids for the purchase of FTX’s assets, the creditors committee, in its filing, “cautiously agreed” to the sale. However, the group did not want to see haste in this process.
In December, the Bahamas Securities Commission said it holds frozen FTX digital assets worth more than $3.5 billion.
In January, U.S. prosecutors seized Robinhood shares worth about $456 million as part of the case against Bankman-Fried.
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