FTX Group, which sought bankruptcy protection in November, is actively engaging in due diligence and sharing information with various parties to explore the possibility of an “acquisition, merger, recapitalization, or other transaction” to reestablish the company, It said in a presentation submitted to a Delaware court.
In addition to Bullish, Tribe Capital has also submitted its bid. Notably, Tribe Capital was part of FTX’s venture portfolio before the exchange’s collapse and subsequent bankruptcy at the close of last year, media reports said.
According to details presented in court, the exchange’s estate has reached out to 75 potential bidders and has set a deadline of September 24 for the submission of new bids.
Bullish’s interest in the bid is driven by its recognition of the value within FTX’s customer base, and it aims to transition as many of these customers as possible to Bullish. However, it should be noted that the ongoing discussions are progressing slowly and could potentially face hurdles.
A recent court filing revealed that FTX’s assets, totaling approximately $7 billion, include roughly $1.2 billion held in SOL tokens. Furthermore, the filing disclosed that 50 “insiders,” including former CEO Sam Bankman-Fried and Caroline Ellison, received a combination of cash, cryptocurrency, equity, and real estate valued at $2.2 billion.
Sam Bankman-Fried is currently detained in a New York City jail and is awaiting an early October trial. Prosecutors have charged him with witness tampering related to the alleged leaking of a private diary belonging to Ellison and the use of an encrypted messaging app to contact a potential witness. Bankman-Fried faces a potential sentence of up to 100 years in prison if convicted on multiple charges, including accusations of using billions of customer assets for their own unsuccessful investments, alongside other FTX.
