Cryptocurrencies, blockchain, NFT and new trends

Date for FTX’s auction of LedgerX revised for third time

Companies • March 19, 2023, 7:30AM EDT

Quick Take

  • FTX has submitted a revised date for the auction of its regulated derivatives business LedgerX.
  • The auction had been set for two previous dates before being rescheduled.

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FTX will auction its derivatives exchange LedgerX to bidders on April 4.

The counsel for FTX filed the notice of revised dates on March 18 in U.S. Bankruptcy Court for the District of Delaware.

The auction will now be held on April 4 at the offices of Sullivan & Cromwell and a sale hearing will take place April 12, the filing said. Notice of the successful bidder should occur within one business day of the conclusion of the auction.

The auction had previously been scheduled for March 7 and then was revised to March 22, according to court filings. A reason for the most recent date revision was not provided.

FTX secured approval early this year to sell business units to raise money for creditors. It is also looking to sell Embed Financial Technologies, FTX Japan and FTX Europe. About 117 parties have shown interest in buying entities of FTX, according to a legal filing at the start of this year.

The exchange’s U.S. operation acquired LedgerX in Oct. 2021 and rebranded it as FTX.US Derivatives.