FTX wants to sell some of the last solvent pieces of Sam Bankman-Fried’s once-$32 billion crypto empire up for sale.
The now-bankrupt company has petitioned a federal court for permission to sell many of its subsidiaries, including US derivatives platform LedgerX, as the embattled firm’s restructuring process takes place.
The crypto giant’s attorneys say it’s a “priority” for FTX to “explore sales” and “strategic transactions” of some of its remaining businesses, according to a court filing on Thursday. Other functional units include Embed Business, FTX Japan, and FTX Europe.
“Based on their preliminary review, the Debtors own or control a number of subsidiaries and assets that are regulated, licensed, and/or largely not integrated into the Debtors’ operations, within and outside of the United States,” according to a document filed to the Bankruptcy Court of Delaware.
The filing continued: “The Debtors believe a number of these entities have solvent balance sheets, independent management and valuable franchises.”
