Over 75 bidders contacted for possible ‘FTX 2.0’ launch

While the names of the bidders were not included in Monday’s filing, the move signifies attempts being made to invoke the exchange’s heyday

by Sebastian Sinclair /

September 11, 2023 01:45 pm

Kiran Jyothi VP/Shutterstock modified by Blockworks

More than 75 possible bidders have been in contact with FTX over a potential reboot as the defunct exchange seeks to pivot from its implosion last year.

According to a notice of presentation to stakeholders, filed in the US bankruptcy court in Delaware on Monday, bidders for “FTX 2.0” have been given until Sept. 24 to decide on a revamp.

The identity of the bidders was not provided in the filing. Blockworks has reached out to the lawyers overseeing the FTX estate but has so far received no response. Fortune Crypto first reported the news.

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FTX collapsed in spectacular fashion in November last year following revelations the company had allegedly commingled customer funds via sister trading company Alameda Research.

The reboot, while not guaranteed, intends to evaluate multiple configurations, such as a takeover, amalgamation, financial restructuring, or another form of transaction aimed at rebooting the FTX.com and/or FTX US platforms, the filing reads.

“Several parties that submitted Round 1 bids were admitted into a Round 2 process Extensive bidder diligence and bi-lateral info sharing ongoing,” per the filing. “Debtors are also considering the provision of management and operating services.”

FTX laid out its preliminary reorganization plans early last month flagging a potential to settle creditor claims in cash as part of the repayment process. The exchange reportedly owes $8.7 billion to more than a million customers.

Lawyers are also seeking to tap Mike Novogratz’s Galaxy Digital to authorize an Investment Services Agreement between the two companies in a bid to mitigate market risk.

Reorganizations or financial restructuring in crypto is particularly rare following bankruptcy, Blockworks was previously told by Matthew Gold, a partner at law firm Kleinberg Kaplan in May

Gold stated that the probability of a reboot hinges on the “key creditor constituencies” predominantly agreeing to proceed and a majority vote from the creditors in favor of the proposal.

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