The proposed sale of the bankrupt crypto exchange FTX managed to attract hundreds of interested buyers. 363 parties, including BlackRock, Ripple, Nasdaq, and Galaxy Digital, submitted a non-binding letter of intent (LOI) to acquire FTX and associated entities.
Crypto influencer Elite Crypto took to Twitter earlier today to share the sale parties interested in acquiring FTX:
GM Lads
— Elite Crypto (@TheEliteCrypto) June 24, 2023
Here is list of parties interested in buying #FTX and submitted a non binding LOI.
Blackrock, Ripple Labs, Tribe Capital, Galaxy Digital, Nasdaq, Axelar Foundation, OkCoin are some notable names. pic.twitter.com/Ew3TSqc8ct
According to a recent filing in the U.S. Bankruptcy Court for the District of Delaware, the list of parties interested in acquiring the bankrupt crypto exchange included venture firm Tribe Capital, Austrian crypto trading platform BitPanda, American crypto exchange OKCoin, US-based discount brokerage firm Robinhood, and the New York Digital Investment Group (NYDIG), among dozens of others.
As per Mr.Purple on Twitter, the parties likely signed a non-disclosure agreement (NDA) in order to access sensitive information pertaining to the defunct crypto exchange’s operations and customers. The crypto influencer stated that the FTX Bankruptcy Estate may be gearing up for the sale process in the third or fourth quarter of 2023.
It was unclear if the parties that submitted LOIs to acquire FTX would be interested in restarting the international crypto trading platform rather than stripping down the firm and selling its assets. The online sentiment among FTX creditors indicated that restarting the exchange would yield a better return for the exchange’s stranded customers.
Interestingly, venture capital giant Sequoia Capital also submitted an LOI to acquire FTX. The firm was in the news last year after it lost its $115 million investment in the crypto exchange following its collapse. At the time, the lost investment accounted for about 2-3% of the VC firm’s Global Growth Fund.
Speaking on the decision to invest in FTX again, Sequoia Capital partner Alfred Lin recently told Bloomberg that he reviewed the previous investment in FTX and concluded that if given the chance, the firm would’ve made the investment again.
