Breaking: BlackRock, Ripple, Nasdaq Among 363 Sales Parties Interested In FTX 2.0

Varinder Singh
June 24, 2023
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BlackRock To Challenge USDT And USDC's Dominance With New Proposal

FTX Debtors under the leadership of CEO John Ray III have earlier shared plans to restart the beleaguered crypto exchange FTX as part of the bankruptcy restructuring. On Friday, FTX released the names of parties under the 363 Sale section of the US Bankruptcy Code that allows the selling of a company’s assets.

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FTX Releases List of “363 Sales Parties”

According to a court filing on June 22 in the Delaware Bankruptcy Court, FTX’s consultant Alvarez & Marsal released a list of “363 Sales Parties”. It means entities interested in part or whole for the restart of FTX 2.0 and were contacted and signed a non-disclosure agreement seeking more details about the restructuring and reboot of the exchange.

Notable names in the 363 Sales Parties include Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin.

However, this won’t be the exclusive list of potential buyers or investors, but parties interested in the crypto exchange. FTX Debtors plan to conduct the sale process in Q3 or Q4 of this year and select a “stalking-horse bidder.” One among these companies will likely be the staking-horse bidder.

Companies are also looking to invest in FTX 2.0 as the team under CEO John Ray III works on bid process letter, interested parties, onboarding market makers, and FTX Japan relaunch.

Meanwhile, several traditional financial firms (TradFi) flock to the crypto industry. BlackRock filed spot Bitcoin ETF, JPMorgan launched Euro blockchain payments using JPM Coin, and crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab started crypto trading services. TradFi firms are also showing interest in FTX 2.0.

Also Read: Bloomberg Analyst Mike McGlone On BlackRock Bitcoin ETF, BTC Price $40K, And Recession

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Media Outlets Appeal Court Decision to Redact Customer Names

Four media outlets Bloomberg, Dow Jones & Company, The New York Times, and The Financial Times appealed the court’s decision to permanently redact customer names of crypto exchange FTX. Bankruptcy Judge John Dorsey ruled that Debtors can keep their individual customers’ names secret as it could expose them to identity theft and other scams.

Read More: Bloomberg, FT, NYT Appeal Court Decision To Redact FTX Customer Names

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.