FTX Bounces Back: BlackRock, Ripple, Nasdaq Drive Crypto Exchange’s Revival – NewsTo
FTX Bounces Back: BlackRock, Ripple, Nasdaq Drive Crypto Exchange’s Revival

FTX Bounces Back: BlackRock, Ripple, Nasdaq Drive Crypto Exchange’s Revival


FTX Trading Ltd., a major player in the cryptocurrency exchange industry known for its specialization in crypto derivatives, experienced a significant setback in November 2022. The company collapsed and subsequently filed for Chapter 11 bankruptcy. This event had a profound impact on the crypto industry, and its repercussions are still being felt as the industry recovers. 

However, there is a recent development regarding FTX. The FTX Debtors, led by CEO John Ray III, have shared their plans to revive the struggling crypto exchange as part of the bankruptcy restructuring process. Interestingly, several prominent entities such as BlackRock, Ripple, and Nasdaq have expressed their interest in acquiring FTX 2.0 through the 363 sales process. 

Interest from Prominent Entities: Potential Buyers and Investors

According to a recent court filing on June 22nd in the Delaware Bankruptcy Court, FTX’s consultant, Alvarez & Marsal, disclosed a list of “363 Sales Parties.” These parties represent entities that have expressed their interest in acquiring a portion or the entire business in order to restart FTX 2.0. They have been contacted and have signed non-disclosure agreements to gather further information about the restructuring and relaunch of the exchange.

Some notable entities, including Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin, have been identified as potential buyers or investors among the “363 Sales Parties” interested in acquiring FTX. However, this list is not exhaustive, and there may be other parties interested in the crypto exchange.

Sale Process and Investment Preparation for FTX 2.0

The FTX Debtors, led by CEO John Ray III, have outlined their plans to carry out the sale process in either the third or fourth quarter of this year. They aim to select a “stalking-horse bidder” from among these companies, who will likely be the initial bidder to set the benchmark for the sale.

Various companies are considering investment opportunities in FTX 2.0. The FTX team, under the leadership of CEO John Ray III, is actively working on preparing bid process letters, engaging with interested parties, onboarding market makers, and planning the relaunch of FTX Japan.

Traditional Financial Firms (TradFi) Embrace Crypto

In recent times, there has been a notable trend of traditional financial firms (TradFi) entering the crypto industry. BlackRock has filed for a spot Bitcoin ETF, JPMorgan has introduced Euro blockchain payments utilizing JPM Coin, and EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has initiated crypto trading services. These developments highlight the increasing involvement of TradFi firms in the crypto space. 

Four prominent media outlets, namely Bloomberg, Dow Jones & Company, The New York Times, and The Financial Times have lodged an appeal against the court’s decision to permanently redact the names of customers associated with the crypto exchange FTX. 

The bankruptcy judge, John Dorsey, had ruled in favor of allowing the Debtors to keep their customers’ names confidential, citing concerns about potential identity theft and fraudulent activities.



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