Bankrupt crypto exchange FTX has received multiple bids for a potential restart, investment banker Kevin Cofsky of Perella Weinberg Partners said Tuesday during a court hearing.
At least three bidders are in the running to buy the exchange, which traded tens of billions of dollars a day at its peak.
A decision will be potentially made by mid-December, as part of plans to be submitted to the Delaware bankruptcy court for approval. Cofsky's testimony contributed to a successful bid to keep the platform's list of over 9 million customers secret, given that such information might prove valuable to a potential buyer.
“We’ve narrowed the field from a large number to a smaller number in what we’re calling our second round,” Cofsky said at the court hearing, referring to the parties with whom he's discussing wind-up options. “I am optimistic that we will have either a plan for a reorganized exchange, a partnership agreement or a stalking horse for a sale, on or prior to the December 16 milestone date.”
Ray has floated an amended proposal which could see 90% of whatever assets the estate manages to muster returned to creditors.
Jack Schickler contributed reporting.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.