Alameda Research Ventures — FTX’s investment arm — has agreed to sell a $45 million stake in venture firm Sequoia Capital to Abu Dhabi’s sovereign wealth fund.
The exchange filed a ходатайство for approval by the bankruptcy court.
FTX said the choice of buyer was driven by “the best bid and the ability to complete the sale on a tight timeline.” Four entities expressed interest, two of which had reached the negotiation stage.
The parties expect to close the deal by March 31.
In a statement, the exchange noted that the potential buyer, Al Nawwar Investments RSC Limited, is owned by the Abu Dhabi government and is a current investor in Sequoia.
FTX and more than a hundred affiliated entities like Alameda filed for bankruptcy in November 2022.
In February, the court approved the sale of certain FTX assets classified as De Minimis. These were investments free of liabilities, valued at up to $1 million with initial investments no more than $5 million. According to experts, total investments by the exchange through its subsidiaries reached $5.3 billion across 475 deals.
Earlier in March, the judge approved the agreement between FTX and Voyager Digital, under which the crypto broker will reserve $445 million for payments in Alameda’s lawsuit.