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Alameda Research Agrees to Sell Its Sequoia Interest for $45M

9 March 2023
in Latest News, News
Reading Time: 3 mins read
106 2
Home News Latest News

According to court documents filed on Wednesday, March 8, 2023, Alameda Research, the investment branch of FTX, has reportedly signed an agreement to sell its equity in Sequoia Capital to Abu Dhabi’s sovereign wealth fund for $45 million. 

This sale is part of the insolvent company’s efforts to sell its holdings in early-stage tech and cryptocurrency startups to pay creditors.

The agreement is pending approval from Delaware bankruptcy judge John Dorsey and was reached after four different parties expressed interest in acquiring the shares. The document states that FTX decided to engage in the agreement with the purchaser due to the purchaser’s superior offer and efficiency in promptly carrying out the selling transaction.

The purchase is valued at $45.5 million, and the agreement may be finalized as early as March 31. The document stated that the potential buyer, Al Nawwar Investments Company Ltd., is owned by the government of Abu Dhabi and has already invested in Sequoia.

As the company continues to sell off assets to repay creditors and settle debts, Judge Dorsey has taken on a leading role in FTX’s ongoing legal battles. In January, he approved the sale of some of the company’s easily separable assets, including the derivatives division of LedgerX, the stock-clearing platform of Embed, as well as the units in Japan and Europe.

FTX declared bankruptcy in November 2022. According to John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, the company’s accounting books and records are entirely missing. $8.9 billion in cash belonging to FTX customers are unaccounted for. While the exchange has located some funds, it is uncertain how much compensation the affected clients will receive.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram and CoinMarketCap Community.

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Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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