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BlackRock, Ripple, Nasdaq Drive FTX’s Revival Hope
FTX Trading Ltd., a prominent cryptocurrency exchange with a focus on crypto derivatives, faced a significant setback in November 2022 when it collapsed and filed for Chapter 11 bankruptcy. The industry’s recovery continues, but FTX Debtors, led by CEO John Ray III, have announced plans to revive the struggling exchange. Several prominent entities, including BlackRock, Ripple, and Nasdaq, have expressed interest in acquiring FTX 2.0 through the 363 sales process.
According to a recent court filing in the Delaware Bankruptcy Court on June 22nd, FTX’s consultant, Alvarez & Marsal, revealed a list of “363 Sales Parties.” These are entities that have expressed an interest in acquiring a portion or the entire business in order to restart FTX 2.0. They have been contacted and have signed non-disclosure agreements in order to obtain additional information about the exchange’s restructuring and relaunch.
Among the “363 Sales Parties” interested in acquiring FTX, Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin have been identified as potential buyers or investors. However, this is not an exhaustive list, and other parties may be interested in the crypto exchange.
(With inputs from Shikha Singh)
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