key takeaways:
- FTX Group is reportedly poised for a potential comeback.
- An October 16 Deadline for Selection of Stalking-Horse Bid in FTX 2.0 Relaunch Efforts has been set.
FTX estate engages with over 75 potential bidders for the revival of the failed crypto exchange, as revealed in a recent stakeholder briefing by Fortune Magazine.Â
Participants involved in the ‘FTX 2.0’ process are exploring options such as acquisition, merger, recapitalization, or other transactions to bring back FTX.com and/or FTX US exchanges.
While the identities of these bidders remain undisclosed, blockchain technology firm Figure and venture capital firm Tribe Capital have previously expressed interest in the exchange’s revival, as reported by the Wall Street Journal.
Adding intrigue to the situation is the disclosure that the company possesses substantial assets, amounting to approximately $7 billion. These assets include a significant $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC).Â
This development follows the recent discovery that a wallet linked to the bankrupt crypto exchange FTX initiated the transfer of $10 million worth of digital assets from the Solana network to Ethereum. This move has raised concerns about the possibility of a series of token sell-offs amid the ongoing bankruptcy proceedings surrounding the exchange.
The transfers from an FTX cold wallet with a Solana address began on August 31, prompting industry observers to speculate about the motives behind these transactions. Some suspect that it could be an effort to consolidate assets within the wallet.
In the ongoing efforts to revive FTX, a stalking-horse bid, which will establish the baseline offer for subsequent bidders, is set to be chosen by October 16, as reported.
Furthermore, an amended plan is slated for submission by the end of this year, with the anticipated confirmation of the final plan targeted for the second quarter of 2024. Estate managers have confirmed that due diligence and information sharing are currently underway.
The deadline for the submission of new bids is scheduled for September 24th. It’s worth noting that TRON founder Justin Sun is reportedly considering bidding for the exchange’s tokens and assets.
Various structural options are being explored for the launch of FTX 2.0, with possibilities including “an acquisition, merger, recapitalization, or other transaction to relaunch the FTX.com and/or FTX US exchanges.”
