FTX Seek 75 Buyers to Revive Bankrupt Exchange

FTX Seek 75 Buyers to Revive Bankrupt Exchange

FTX has commenced dialogues with over 75 potential bidders to resuscitate the struggling cryptocurrency exchange since May 2023, as reported by Fortune.

The “FTX 2.0” initiative, which aims to revitalize FTX.com or FTX US, is actively pursuing revitalization through acquisitions, mergers, recapitalizations, and other strategic transactions, with a bid submission deadline set for September 24th.

Although the documents do not disclose the identities of these bidders, the Wall Street Journal has previously reported Figure, a blockchain technology company, and Tribe Capital, a venture capital firm, expressing interest.

Furthermore, it is essential to note that the company holds substantial assets totaling approximately $7 billion.

These assets comprise $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).

In addition to its $1.1 billion in assets as of November 11th, the company maintained a cash reserve of $1.5 billion as of August 31st, along with cryptocurrency holdings valued at $3.4 billion.

The company’s efforts to rejuvenate the exchange have garnered significant attention within the cryptocurrency industry.

The fate of FTX.com and FTX US is still pending determination, as numerous potential bidders are pursuing various strategies in the tendering process before the September deadline.

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