Bullish and Tribe Capital Are Bidding for Defunct Trading Platform FTX
According to sources familiar with the situation, Bullish and Tribe Capital are among the parties vying for the defunct trading platform FTX. FTX Group, which filed for bankruptcy protection in November, is currently engaged in due diligence and information sharing with several potential buyers. The goal is to negotiate an acquisition, merger, recapitalization, or other transaction to relaunch the firm. The court presentation filed in Delaware reveals that FTX’s estate has reached out to 75 bidders, with a deadline for new bids set for September 24.
The Logic Behind Bullish’s Bid
Bullish sees value in FTX’s customer base and aims to convert as many of them as possible into Bullish customers. The firm believes that this customer base is a valuable asset. However, the ongoing conversations are progressing slowly and may encounter obstacles along the way.
FTX’s Assets and Legal Troubles
FTX’s assets are reported to be around $7 billion, with approximately $1.2 billion in SOL tokens. The court filing also reveals that 50 insiders, including former CEO Sam Bankman-Fried, received a total of $2.2 billion in cash, crypto, equity, and real estate. Bankman-Fried is currently in jail in New York City, awaiting an early October trial on charges of witness tampering and misuse of customer assets.
Hot Take: Uncertain Future for FTX
The bidding process for FTX raises hope for the future of the defunct trading platform. However, with legal troubles surrounding former executives and questions about the viability of the potential bids, the fate of FTX remains uncertain. The outcome of the ongoing negotiations and the court proceedings will determine whether FTX can be revived and regain its position in the crypto market.
By
By
By
By
By