FTX is eyeing the completion of its bankruptcy process for the second quarter of next year, according to its Sept. 11 court filings.
As per the filing, the firm is currently involved with ongoing negotiations and mediation with stakeholders over the coming months to resolve open plan issues involving its bankruptcy plans. FTX also revealed that more than 75 firms, including existing crypto exchanges and financial and strategic buyers, have shown interest in it.
The exchange said it began a marketing process for the FTX.com and FTX US exchanges in May. According to the company, the FTX restart process considers varying potential structures, including an acquisition, merger, recapitalization, or other transactions to relaunch the FTX.com and/or FTX US exchanges.
Meanwhile, it further disclosed a comprehensive summary of its assets in a recent court submission, showing approximately $7 billion worth of assets, encompassing cash holdings, cryptocurrency, brokerage, reclaimed government assets, and various recovery endeavors.
Solana dominates FTX crypto holdings
Per the filing, the embattled cryptocurrency company currently possesses a diverse portfolio of digital assets valued at $3.4 billion, with its top 10 holdings accounting for roughly 72% of this valuation.
This portfolio includes $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), $192 million in Ethereum (ETH), and $119 million in XRP.
The filing also showed that the firm had hundreds of millions of dollars worth of over 1,300 lesser-known assets “that fail to meet liquidity thresholds and are primarily controlled by it.” Some of the assets in this class include MAPS, Serum (SRM), Bonfida (FIDA), etc.
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Author: Oluwapelumi Adejumo
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