Court Approves Sale Of FTX Investments
FTX has been granted court permission to sell certain investment assets and subsidiaries. FTX and Alameda spent approximately $5.3 billion through various subsidiaries on 473 investments. Investments ranged from large sums — such as $100 million into Mysten Labs, the developer of the Sui blockchain — to numerous small sums, such as $1 million into startups Limit Break and Messari.
On February 13, the United States Bankruptcy Court for the District of Delaware granted the motion, authorising the sale or transfer of certain assets with “relatively de minimis value” in comparison to FTX’s total asset base.
The order authorises and approves the sale or transfer of investments in privately or publicly traded companies, such as warrants, tokens, and token warrants, shares, promissory notes, future equity interests, and future token interests. It also permits the sale or transfer of subsidiaries and other related interests, such as limited partnership stakes in venture capital and other investment funds.
(With inputs from Shikha Singh)
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