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FTX Units On Auction Block Attract 117 Interested Buyers

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FTX Units On Auction Block Attract 117 Interested Buyers

FTX’s independently run subsidiaries, such as FTX Japan, FTX Europe, LedgerX, and Embed, have attracted the interest of as many as 117 parties.

iexclusivenews reports that Kevin Cofsky, a partner at Perella Weinberg, the investment bank representing FTX US and associated companies. Filed a court document on January 8 with the court. Cofsky declared:

“Approximately 117 parties, including various financial and strategic counterparties globally. Have expressed interest to the Debtors in a potential purchase of one or more of the Businesses.”

He also said that 59 confidentiality agreements had been signed by the debtors and prospective counterparties who had shown interest in one or more of the companies.

They have access to information to help with due diligence, including specifics about the business unit’s operations, finances, and technology, even though no formal agreements have been made.

Four businesses up for sale include Embed, LedgerX, FTX Japan, and FTX Europe, according to lawyers representing the debtors.

What You Should Know

According to the filing, there were about 50 parties interested in Embed, 56 parties considering LedgerX, 41 parties interested in FTX Japan, and 40 parties interested in FTX Europe.

To expand its stock and equity offerings. The exchange platform acquired the clearing company Embed in June 2022.

LedgerX, a futures and options exchange and clearinghouse for digital currencies. That is governed by the Commodity Futures Trading Commission (CFTC), was bought by the exchange in August 2021.

FTX Japan and FTX Europe are separate FTX Global subsidiaries, but in December, their business operations and licenses were suspended.

In addition to the two clearing companies, FTX also asked a U.S. bankruptcy court for permission to sell off the company’s branches in Japan and Europe in December.

However, iexclusivenews Nigeria reports that the initial bid submission deadline for the four companies is scheduled to pass between January 18 and February 1.