FTX plans to sell stake in Mysten Labs for $96M

Share This Post

FTX has submitted a motion through which it intends to sell its stake in Mysten Labs, according to a bankruptcy court filing on March 22.

The value of the sale is estimated to be more than $96 million. About $95 million of that amount consists of shares, though it also includes $1 million of SUI token warrants — that is, a promise to receive Mysten Labs’ future crypto token when it is released.

FTX acquired those assets by leading a Series B fundraising round for Mysten Labs in August 2022 and in other transactions around that time. The fundraiser brought in $300 million from FTX and other companies and raised Mysten Labs’ valuation to $2 billion.

Proceeds from the sale are intended to help return value to customers in the aftermath of FTX’s collapse.

Mysten Labs builds the Sui Blockchain, which aims to act as a competitor to Ethereum while providing greater scalability and transaction throughput. The project has gained initial support from Chinese tech and commerce giant Tencent.

The Sui Blockchain is still in its early stage and its SUI token is not in circulation.

The post FTX plans to sell stake in Mysten Labs for $96M appeared first on CryptoSlate.

Read Entire Article
spot_img

Related Posts

Crypto Sector Secures $317M in Venture Capital Deals in Early June

With the first half of June concluded, there have been 37 venture capital deals and fundraising events in the crypto sector Collectively, these investments totaled $31787 million, with Avail, a

Ripple Gets Big Break: SEC Lowers Settlement Demand To $103 Million

A glimmer of hope emerged for Ripple Labs this week in their ongoing legal battle with the SEC The Securities and Exchange Commission slashed its proposed settlement amount from a staggering $2

The State of Crypto Merchant Adoption in 2024

Merchants are increasingly adopting cryptocurrencies like bitcoin and ethereum, reflecting a growing trend towards digital currency payments as a viable alternative to traditional means Merchants

Salvadoran Government Introduces Bitcoin Banking Law Reform

The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector The banking law reform introduced to the

Bitcoin Proponent Michael Saylor Forecasts Potential $8 Million BTC Price Tag

Fervent Bitcoin proponent Michael Saylor has made another very bullish prediction for Bitcoin’s price tag His comments, which were made at a recent Prague event, have captured the attention of

Paxos Lays Off 65 Employees Following Yield-Bearing Stablecoin Launch

According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce This development comes on the heels of Paxos International’s announcement of its
- Advertisement -spot_img