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FTX Misses Out on Potential Billion-Dollar Gain from SUI Tokens

FTX, a bankrupt crypto exchange, missed out on the potential to own billions of dollars worth of SUI tokens after selling its token warrants too early. FTX sold 890 million SUI token warrants, which would have allowed the company to get 890,000,000 SUI upon launch. The SUI token rose to over $3 before dropping in value, and at current prices, FTX's SUI tokens would have been worth around $1 billion.

The Sui network is a layer-1 blockchain that utilizes the proof-of-stake mechanism and has a high throughput rate of 297,000 transactions per second with a market cap of over $700 million. FTX's investment in Mysten Labs, the developer of the Sui blockchain, included $101 million in equity stakes and warrant rights to purchase over 800 million SUI tokens, but the company sold its stake and token warrant rights in March 2023 for $96 million as part of its bankruptcy proceedings.

FTX Token FTX Token $1.31
+0.82%
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