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Bankrupt Crypto Exchange FTX Exploring Sales of Subsidiaries, CEO Reveals

Bankrupt cryptocurrency exchange FTX is exploring sales, recapitalizations, and other strategic transactions with respect to its solvent subsidiaries. The firm’s new CEO has instructed the FTX team “to prioritize the preservation of franchise value as best we can in these difficult circumstances.”

Cryptocurrency exchange FTX and approximately 101 affiliated companies announced Saturday that they are “launching a strategic review of their global assets to begin to maximize recoverable value for stakeholders.” The review is part of their Chapter 11 bankruptcy process.

The new FTX CEO, John J. Ray, III, who replaced Sam Bankman-Fried after the crypto exchange filed for bankruptcy on Nov. 11, explained:Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management, and valuable franchises.

He explained that some financially attractive subsidiaries, such as Ledgerx and Embed Clearing, are not debtors in the chapter 11 cases while others are, including FTX Japan, Quoine, FTX Turkey, FTX EU, FTX Exchange FZE, and Zubr Exchange.

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