FTX Contacts 75 Potential Bidders To Relaunch The Bankrupt Exchange

Key Points:

• FTX has engaged over 75 potential bidders since May 2023 to explore relaunching the bankrupt cryptocurrency exchange, with a bid deadline of September 24.
• Recent court filings reveal that the company holds assets worth approximately $7 billion, including $1.16 billion in Solana tokens and $560 million in Bitcoin.
• Figures like blockchain firm Figure and venture capital firm Tribe Capital have expressed interest in the exchange’s revival, adding intrigue to the ongoing bidding process.

In a bid to revive the beleaguered cryptocurrency exchange, FTX has initiated discussions with more than 75 potential bidders since May 2023, according to a Fortune report.

The initiative, known as “FTX 2.0,” seeks to breathe new life into FTX.com or FTX US through avenues like acquisitions, mergers, recapitalizations, or other strategic transactions, with the deadline for bids set at September 24.

While the documents didn’t reveal the identities of these bidders, blockchain technology firm Figure and venture capital firm Tribe Capital have been previously reported as expressing interest in the exchange’s revival, as per the Wall Street Journal.

What’s even more intriguing is the revelation that the company holds substantial assets, totaling around $7 billion, as Coincu previously reported. These assets encompass a hefty $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC).

As of August 31, the company maintained a cash reserve of $1.5 billion, along with cryptocurrency holdings valued at $3.4 billion, on top of its $1.1 billion in assets as of November 11.

The company’s pursuit to revive the exchange has garnered considerable attention within the cryptocurrency space. With a significant pool of potential bidders exploring various strategies, the fate of FTX.com and FTX US hangs in the balance, awaiting the outcome of the bidding process before the September deadline.

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