Bankrupt crypto exchange FTX will appear in court on September 13 to seek approval to liquidate its crypto assets, which some analysts say could put a major selling pressure on the market.
Excluding those discovered later, the company's cryptocurrency assets are estimated to be as follows as of January 17:
- Solana: $685 million (locked)
- FTT: $529 million
- BTC: $268 million
- ETH: 90 million dollars
- APT: $67 million
- DOGE: $42 million
- MATIC: $39 million
- BIT: $35 million
- TON: $31 million
- XRP: $29 million
- Stablecoins: $245 million
- Crypto held on other and 3rd party exchanges: $1.2 billion
On August 24, FTX proposed a plan to appoint Mike Novogratz's Galaxy Digital Capital Management as the investment manager tasked with overseeing the sale and management of recovered crypto assets.
According to the plan, FTX will only be allowed to sell $100 million of tokens per week, but this limit can be increased to $200 million on an individual token basis. While the prepositions put forward in the filings are not yet legally binding, the lawsuit regarding the FTX token sales is expected to appear before the Delaware Bankruptcy Court on September 13.
It is thought that the court will approve FTX for liquidation.
*This is not investment advice.