New Investment News Has Become After the Announcement That FTX Will Be Restarted!

sunken stock market Cryptocurrency of FTX a startup that invested in the platform before FTX crashed. Tribe Capital’s intrigued.

Failed Stock Exchange FTX’s Relaunch Attempts Attracted Companies

Tribe co-founder Arjun Sethi met with FTX’s unsecured creditors committee in January to discuss the informal proposal, according to people familiar with the matter and wishing to remain anonymous while discussing confidential talks.

One of those individuals said Tribe is considering spearheading a $250 million fundraising campaign, with $100 million from itself and its limited partners.

Founded in 2018, Tribe was a venture investor in both the international exchange FTX and the American enterprise FTX US.

The San Francisco-based firm, which has more than $1.6 billion under management, is investing in a number of startups, including crypto platform Kraken, payments firm Bolt, and e-commerce vendor Shiprocket.

FTX’s new chief executive, John J. Ray III, aims to decide whether a second-quarter restart is possible, according to a presentation he gave in bankruptcy court.

FTX attorney Andrew G. Dietderich said at a hearing last week that the company is still in the early stages to consider the idea and that reopening will require substantial cash, which could come from third-party investors.

Tribe’s January offering included an estimated 9 million client accounts, FTX US, FTX Australia, FTX Japan, FTX AB, FTX International and LedgerX, among others, excluding a portfolio of venture capital and crypto assets. The new exchange will continue to use the FTX name.

*Not investment advice.