FTX Relaunch in Sight? Already Engaged with 75 Potential Bidders, FTX 2.0 Bidding to Close on September 24

According to the latest court documents, the FTX restructuring team has contacted over 75 potential bidders and is considering options including acquisition, merger, capital restructuring, or other transactions to relaunch the FTX.com and/or FTX US exchanges. The FTX 2.0 bidding process will conclude on September 24th.

FTX May Restart and Launch Offshore Exchange

According to reports from early August, the restructuring team has been in discussions with multiple companies for the opportunity to restart the FTX exchange. At the time, the bankrupt FTX team mentioned that they might decide to collaborate with third-party investors to establish a new company outside the U.S. jurisdiction, either restarting or launching a new offshore platform that U.S. users cannot access, and they did not rule out the possibility of conducting this transaction through a "merger".

The restructuring team may decide to use equity or tokens of the offshore platform to replace some cash and return it to users proportionally.

75 Bids Received, Deadline on September 24th

Information revealed in court documents yesterday showed that since May 2023, the FTX restructuring team has contacted over 75 potential bidders. According to the documents:

The deadline for FTX 2.0 bidders is set for September 24th.

Figure and Tribe Capital as Potential Bidders

The documents did not specify who these bidders are, but according to previous reports, blockchain technology company Figure expressed interest in relaunching the exchange, and it had also participated in the bidding for the bankrupt platform Celsius.

Reportedly, Tribe Capital, a venture capital firm managing over $1.6 billion in assets, is also interested in investing in the restart. Tribe Capital has investments in the cryptocurrency exchange Kraken and the developer behind the blockchain protocol Polygon Labs. According to The Information, Tribe Capital has deployed 2.6% of its capital to invest in FTX.

However, according to the plan released by FTX, the restart plan still requires further discussions and revisions, with the estimated timeline falling in the second quarter of 2024.