FTX Demands Cost Hits 52 Cents per USD
The bankruptcy proceedings at FTX have spurred a high demand, with trades reaching around 52 cents for every dollar on the OTC platform.
This is due to the expected increase in the return of funds to creditors, according to a report by The Block citing information from Thomas Braziel, a partner at investment firms 117 Partners and 507 Capital.
Braziel noted that this price reflects the majority’s belief that users will receive more than half of their assets back.
He also mentioned that only large and “clean” claims are likely to receive this value. Enthusiasm increased after Anthropic, a company backed by FTX in its Series B funding round, received a higher valuation after raising additional funds in October.
Lenders are hopeful that the sale of FTX management’s stake in the AI startup will help recover their funds, possibly resulting in a full 100% refund.
It should be noted that by mid-2024, FTX clients may receive up to $9.2 billion in payments for their claims against the exchange. This follows a plan approved by creditors and the new management of the platform.
