Bankrupt cryptocurrency exchange FTX has filed a request in which it announced plans to sell its stake in Mysten Labs. Cryptocurrency exchange FTX has submitted a bid to sell its stake in Mysten Labs for an estimated $96 million, according to its filing with bankruptcy court on March 22. The sale includes collateral of $95 million in shares and $1 million in SUI tokens, which represents Mysten Labs’ commitment to receive a future release coin at launch. Mysten Labs has entered into an agreement with FTX bankruptcy to purchase FTX’s equity investment in Mysten Labs and SUI token warrants for $96.3 million in cash, according to court filings. Here are the details…
FTX files in court to sell altcoins
FTX acquired the assets for Mysten Labs in August 2022, leading the Series B fundraising round that put the company’s valuation at $2 billion. The fundraising event brought Mysten $300 million from FTX and other companies. According to court filings, the company invested $101 million in the round, guaranteed to purchase approximately 570,000 preferred shares and approximately 890 million SUI tokens in Mysten Labs. FTX entities paid approximately $101 million for equity and an additional $1 million for token warrants. The sale of its stake in Mysten Labs aims to help customers get their coins back following the collapse of FTX.
The stock market has suffered significant losses following the recent cryptocurrency market crash that forced them to file for bankruptcy. Mysten Labs is the developer of Sui Blockchain, which aims to rival Ethereum while offering greater scalability and throughput. The project received initial support from Tencent, a Chinese technology and trade giant. The Sui Blockchain is still in its early stages and the SUI token is not yet in circulation. However, with Mysten Labs’ fundraising round, which raised $300 million in August 2022, the potential of the project has garnered significant attention from investors.
How will the possible sale of FTX affect the market?
Mysten Labs, which has not yet released the highly anticipated SUI token, offered to buy back the assets in an offer letter to FTX on March 16. According to court records, FTX bankruptcy filing sought attention from other potential buyers before entering investment bank Perella Weinberg Partners (PWP) into a final settlement with Mysten.
FTX’s move to sell its stake in Mysten Labs is part of its strategy to return value to its customers and improve users’ financials after the recent crash. The sale could provide much-needed liquidity to stock market clients struggling to survive the recent market turmoil. Investors and industry experts will closely follow FTX’s stock sale in Mysten Labs, which is expected to be a big event in the cryptocurrency world. The outcome of the sale could have significant implications for the future of both FTX and Mysten Labs, as well as the broader cryptocurrency market.
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