• Around 117 parties have expressed interest in buying units of FTX, according to a legal filing posted Sunday.
• The crypto company is currently undergoing bankruptcy proceedings and is looking to expedite the sale of LedgerX, FTX Japan, FTX Europe and the stock-clearing platform Embed.
• The deadline for initial bids is fast approaching.
As the crypto industry continues to grow, so do the number of acquisitions and transactions. This was recently highlighted when a legal filing posted on Sunday revealed that around 117 parties have expressed interest in buying units of FTX.
FTX is a crypto company that is currently in the midst of bankruptcy proceedings. In order to expedite the process, the estate has prioritized the sale of its subsidiaries, LedgerX, FTX Japan, FTX Europe and the stock-clearing platform Embed. The reason for this is that it is the quickest way to separate the business and mitigate the risk of any values being lost in the process.
The filing also revealed that the deadline for initial bids is fast approaching. It is believed that this is the first step in a long and complicated process that could take years to complete. The filing did not go into any detail regarding the potential buyers, but it did reveal that they were “various financial and strategic investors from the US, Europe, Asia and other parts of the world.”
The potential sale of FTX’s subsidiaries has been met with both enthusiasm and criticism. Those in favor of the sale believe that it is a necessary step for the company to move forward, while those against it are concerned that the process could lead to further disruption in the crypto industry.
Regardless of the outcome, the sale of FTX’s subsidiaries could have a lasting impact on the industry as a whole. It will be interesting to see how the process unfolds and what the future holds for FTX and its subsidiaries.