Court Filing Highlights Interest by Bidders in Purchasing Solvent FTX Entities

As was previously reported, the bankruptcy proceedings of FTX and its affiliated entities have included a decision to sell certain entities or subsidiaries that have remained solvent during and after the collapse of FTX. A prime example is LedgerX, a firm that was acquired by FTX and regulated by the Commodities Futures Trading Commission (CFTC).

According to a court document posted this past weekend, interest in these affiliated entities appears robust. In total, 117 parties have expressed interest – including financial and strategic counterparties, with 59 confidentiality agreements signed.

The status of the sale of these firms is as follows:

  • Embed: About 50 parties have expressed interest, with 31 having signed confidentiality agreements.
  • LedgerX: 56 parties have indicated an interest in purchasing the firm, with 32 signing confidentiality agreements to access information on the firm.
  • FTX Europe: 40 parties are considering the purchase of this subsidiary, with 23 signing the confidentiality agreement.
  • FTX Japan: 41 entities have expressed their interest in the firm, with 25 signing the confidentiality agreement.

Any sale of an affiliated firm must be approved by both current FTX management as well as the court.  Any funds earned from the sales will help mitigate shortfalls in the bankrupt firm, and it is not yet clear how much each entity will generate in any sale.

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