The FTX Debtors Sell Digital Custody Inc. to CoinList
The FTX Debtors estate, led by CEO John Ray III, has initiated the sale of Digital Custody Inc. (DCI) to CoinList. FTX previously acquired DCI in two separate transactions for a total of $10 million. However, CoinList will now acquire DCI for a reduced price of $500,000. The financing for the deal will be provided by Terence J. Culver, the original CEO and seller of Digital Custody.
Digital Custody Never Integrated into FTX Ecosystem
According to FTX’s lawyers, the acquisition of DCI was intended to offer custodial services for FTX.US and LedgerX. However, due to former CEO Sam Bankman-Fried’s bankruptcy filing, the integration never materialized, rendering DCI essentially worthless to FTX. Despite its limited value, DCI still holds a license from the South Dakota Division of Banking.
CoinList Selected as Preferred Purchaser
After receiving offers from three interested parties, including Culver, the Debtors selected CoinList as the preferred purchaser based on their superior offer and ability to complete the transaction quickly. CoinList’s association with Culver is expected to expedite regulatory approval for the sale.
FTX Seeks Approval to Sell Stake in Anthropic
Last week, FTX sought approval to sell its 8% stake in AI startup Anthropic Holdings. The exchange proposed two possible procedures: an auction or a private sale. FTX also requested a shortened objection period and scheduled a court hearing for February 22. The precise price sought for the Anthropic shares has been redacted from the filing.
FTX Files Motion to Sell Claim Against Genesis Global Capital
FTX filed a motion to sell its $175 million claim against bankrupt firm Genesis Global Capital. Currently, claims against Genesis are selling for 65% of their face value. This filing, along with the sale of other assets, indicates that FTX anticipates having sufficient funds to repay all customer and creditor claims.
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