FTX is officially in the process of being relaunched, with more than 75 potential bidders contacted, including existing exchanges, strategic and financial buyers. What timetable have the FTX teams planned for the future of the exchange?
FTX officially on the verge of being relaunched
John Ray III, FTX’s CEO since the exchange went bankrupt in November 2022, first raised the possibility of relaunching the exchange in January with a view to helping reimburse injured customers.
What was only an idea at the time has now become a reality: in its latest report published on 11 September, which gave an overview of its assets held to date, FTX states that the acquisition procedure has been launched.
Figure 1 – Screenshot of FTX 2.0 document
The process is designed to consider a variety of potential structures, including an acquisition, merger, recapitalization or other transaction to revive the FTX.com and/or FTX US exchanges. The debtors are also considering the provision of management and operational services. “
According to the document, FTX has already contacted at least 75 potential bidders, including “existing exchanges”, “strategic buyers” and “financial buyers”. Several of these bidders (the number is not specified) have expressed an interest in acquiring FTX, and their bids are currently being considered.
The 75 bidders can still submit new bids until 24 September, according to the document presented to the court.
Figure 2 – Provisional timetable for the acquisition of FTX
The reference bid (Stalking Horse) must be selected by 16 October at the latest, and will serve as the basis for relaunching FTX, regardless of the bidder chosen. The bid will then need to be reshaped by the end of 2023, with final relaunch plans to be drawn up in the second quarter of 2024.
Last April, Tribe Capital, a US venture capital firm, agreed to pay $250 million to relaunch FTX. Figure, a company operating in the blockchain sector, had also expressed an interest, as it had done earlier to buy Celsius, although its bid was ultimately unsuccessful.
At the same time, FTX had announced its desire to cooperate with the giant Galaxy Digital so that it could manage its various cryptocurrency wallets. In return, Galaxy Digital would receive a monthly management fee calculated on the basis of liquidated assets and a percentage of the net value covered by the operations.
