• Around 117 parties have expressed an interest in buying units of FTX, as a deadline for initial bids approaches.
• The crypto company’s bankruptcy case could take years, but the estate has prioritized the sale of LedgerX, FTX Japan, FTX Europe and stock-clearing platform Embed, arguing they are the easiest to separate and have a risk of losing value if not sold quickly.
• Attempts to urgently sell LedgerX and FTX Japan have invited legal protest.
As the deadline for initial bids for units of crypto company FTX draws closer, more and more interested parties have expressed interest in buying the units. According to a legal filing posted Sunday, around 117 parties have expressed interest, with various financial and strategic investors among them.
The FTX bankruptcy case could take years to resolve, but in the meantime the estate has prioritized the sale of certain assets, such as LedgerX, FTX Japan, FTX Europe and the stock-clearing platform Embed. This is because these assets are the easiest to separate, and they have a risk of losing value if they aren’t sold quickly.
However, the attempts to urgently sell these assets have invited legal protest from some parties. Nevertheless, the sale of FTX units is still set to go ahead and the deadline for initial bids is fast approaching.
The implications of this sale for the FTX bankruptcy case remain to be seen. It will be interesting to see what happens when the bids are reviewed and the sale is finalized. It could potentially have a huge impact on the crypto industry, and it will be interesting to see what the outcome of the case will be.