The bankrupt crypto exchange FTX received permission to sell its crypto assets valued at more than $3.4 billion after John Dorsey, the presiding bankruptcy court judge, approved the motion. Moreover, Tron founder Justin Sun took to social media and said he is considering an offer for FTX’s holdings.
FTX Wins Approval to Offload $3.4B in Digital Assets
The FTX estate received approval to sell its digital assets valued at $3.4 billion, a report by Coindesk said Wednesday. Judge John Dorsey approved the motion, overruling two objections.
FTX’s assets are comprised of $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, $137 million in APT, $120 million in USDT, $119 million in XRP, $49 million in BIT, $46 million in STG, $41 million in WBTC and $37 million in WETH. Bitgo is managing these assets, and there have been discussions about not selling the funds directly on the open market.
Last week, FTX said on social media that it was moving and bridging tokens back to their original chains. “FTX has been actively bridging tokens from various blockchains back to their native blockchains,” the company stated. “FTX also has been in the process of migrating SOL and other tokens from existing wallets to Bitgo, FTX’s qualified custodian.”
While there has been talk of selling the coins over the counter (OTC), some have expressed interest in a public purchase. Andrei Grachev, head of DWF Labs, explained his company is considering buying the assets.
“DWF Labs is considering to purchase FTX assets in order to provide creditors the best execution price and mitigate a risk of a huge aggressive selling pressure that could send the market back to 2020’s capitalization,” he wrote.
Tron founder Justin Sun also said he was contemplating putting in an offer. “Contemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community,” Sun posted to the social media platform X. “Let’s unite to bolster our crypto ecosystem,” Sun added.
What do you think about the offers for FTX’s stash? Do you think a well known entity or individual will buy these coins? Share your thoughts and opinions about this subject in the comments section below.