75 Potential Buyers for FTX 2.0; Analyst's Liquidation Pressure Reassurance

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"Recently, the bankrupt cryptocurrency exchange FTX has planned to seek the sale, collateralization, and hedging of its $3 billion worth of cryptocurrency assets to return funds in fiat form to its creditors. This asset sale has drawn significant market attention amid concerns of a potential sell-off. However, according to the latest FTX shareholder briefing from yesterday, it appears that the progress of FTX's restructuring has taken a significant step forward.

5 Potential Buyers Interested in Bidding for FTX
According to FortuneCrypto, FTX has been in contact with over 75 potential bidders since May 2023, assessing the possibility of reviving the bankrupt cryptocurrency exchange. They are considering various potential structures, including acquisition, merger, capital restructuring, or other transactions to facilitate the relaunch of FTX.com and FTX US exchanges. While the briefing does not specify who these potential bidders are, the Wall Street Journal previously reported that blockchain technology company Figure expressed interest in relaunching the exchange, and venture capital firm Tribe Capital also expressed interest in investing in the relaunch.

The bidding deadline has been set for September 24th, and some of the bidders who submitted their bids in the first round will be selected for the second-round screening. FTX's asset management department is conducting in-depth due diligence on potential bidders and will work with the Unsecured Creditors Committee (UCC) and the Ad Hoc Committee (AHC) to focus on feasibility, the buyer's professional background, and financial special negotiations.

Analysts: Don't Panic About FTX Token Selling Pressure
On the other hand, analysts in the market are optimistic about the potential token selling pressure from FTX and predict that it won't directly impact the market. Lark Davis, the founder of WealthMastery, tweeted: ""First off, these tokens are not hitting the market. I would bet the vast majority will be done OTC. Those that aren't will be sold slowly via market makers. That's my take.""

He also mentioned that tokens like SOL, when sold OTC, typically have the buyer's rights locked, meaning buyers can only start selling linearly over the next four years. It's worth noting that he believes the panic sentiment in the cryptocurrency market about the whole situation is more severe than FTX's liquidation.

Additionally, blockchain database firm Messari later stated that the liquidator of FTX holds about $1.3 billion in liquid crypto assets (excluding stablecoins). However, FTX/Alameda's BTC holdings represent about 1% of weekly BTC trading volume, so the market can absorb most of the sell-off, and the same goes for ETH. But for assets with lower liquidity like DOGE, TRX, MATIC, FTX's holdings make up 6%-12% of weekly trading volume, which could have a much larger impact on the market."