FTX's four subsidiaries have been approved for sale! Over a hundred potential buyers are interested, with the auction process set to conclude by the end of March.

FTX's legal representatives sought approval from a federal bankruptcy judge last month to allow FTX to sell off some of its remaining valuable subsidiaries. This request was approved on the 13th of this month, and the complete auction process is expected to conclude by the end of March.

FTX Subsidiaries Approved for Sale

According to previous reports, in order to prevent FTX subsidiaries that operate independently and have solvency from being affected by FTX, which could lead to asset impairment or revocation of operating licenses, FTX is seeking to sell these subsidiaries.

According to documents from the U.S. bankruptcy court in response to FTX, derivative platform LedgerX, stock trading service company Embed, as well as two overseas branches FTX Japan and FTX Europe have all been approved for sale. The auction process for the four subsidiaries will begin this month and conclude by the end of March.

Note: Andrew Vara, the trustee of the U.S. Bankruptcy Supervision Program, had initially opposed the auction of FTX subsidiaries in early January, stating that the sale should not be allowed until a comprehensive and independent investigation into all individuals and entities involved was conducted.

Multiple Organizations Express Interest in Acquiring FTX Subsidiaries

According to documents submitted by investment bank Perella Weinberg, responsible for handling the auction process, to the bankruptcy court earlier this month, Kevin Cofsky, a partner at Perella Weinberg, claimed that around 117 organizations had expressed interest in acquiring FTX subsidiaries at that time, with 59 potential buyers signing confidentiality agreements.

Among all the companies, LedgerX had the highest number of potential buyers, while FTX Europe had the lowest.