Oct 6, 2023

117 Partners CEO and founder Thomas Braziel compares the market activity for FTX's bankruptcy claims versus other bankrupt crypto exchanges, like Celsius and Voyager.

Video transcript

I said that it's the hottest ticket in town, the distress market. And it's true. I mean, there's no reason to beat around the Bush like every distressed firm. Uh, and their brother wants to be involved in FDX versus the other dockets. It's a bit of a shame for other creditors. Um That doesn't mean there isn't an active active market in Genesis block five °C, um, um Voyager and even three arrows, but some of those dockets are smaller. It's a more concentrated customer base, um, that, you know, I guess I'm sort of speaking to three arrows and then, uh, and then, yeah, I mean, some are extremely retail focused. So like South East and Voyager, the problem is like the claims are very small and so it makes it hard for institutional firms to really get smart on the docket. That doesn't mean they aren't. And so if you look at the docket, you'll see some transfers. So Vo Voyager is kind of over Celsius is trading pretty actively now because the plans in and uh FDX is, you know, so the prices have gone from, you know, at the end of last year, the top bid was probably low teens to now the top bids are in the forties. Uh, so that's, you know, almost a four X move. Um, and so, yeah, so it's, it's, it's extremely active.

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