• FTX creditor claims are being sold on the bankruptcy marketplace Xclaim for around 13 cents on the dollar.
• This is in contrast to the higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting.
• Around 117 parties have expressed an interest in buying units of FTX, with a deadline for initial bids approaching.
As the crypto industry continues to grow and evolve, an increasing number of companies are entering bankruptcy proceedings. Among those currently in bankruptcy proceedings is FTX, a legal filing posted Sunday revealed. With 117 parties expressing an interest in buying units of FTX, the bankruptcy case has seen an unprecedented level of interest from both creditors and buyers.
The claims trading platform Xclaim has been at the forefront of this process, providing a marketplace for FTX creditor claims to be bought and sold. According to data released by the site, the $91.7 million in FTX creditor claims listed on the platform are going for around 13 cents on the dollar. This is a stark contrast to the much higher prices that failed companies Voyager Digital, BlockFi and Celsius Network are getting, with claims trading at 41 cents, 28.5 cents and 18.5 cents, respectively.
Xclaim’s chief strategy officer, Andrew Glantz, says the discount is occurring due to the lack of public information available about the claims. He added that this lack of information is making it difficult for buyers to accurately assess the value of the units they are looking to purchase. Glantz also noted that this is the first time the claims trading platform has seen so many potential buyers in a single bankruptcy case.
The deadline for initial bids is fast approaching, and with so much interest in the case, FTX’s creditors are hoping to get the best possible deal for their claims. While the exact outcome remains to be seen, one thing is for certain: FTX’s creditors will be watching the situation closely over the coming weeks.