Tribe Capital is considering leading a $250M capital injection to revive the bankrupt cryptocurrency exchange platform FTX.
In January, Tribe co-founder Arjun Sethi discussed the informal
proposal with FTX's committee of unsecured creditors. FTX CEO John J.
Ray III, who is leading the restructuring efforts, will evaluate the
possibility of a revival in Q2 2023.
- FTX's
committee of unsecured creditors said that it is "working with the
debtors to evaluate all options to reboot or sell the FTX exchanges."
- If revived, the crypto platform will likely continue under its previous name, FTX.
- The fundraising campaign will include $100M capital anchored by Tribe and its limited partners.
- The San Francisco-based firm had previously backed FTX before it filed for bankruptcy in November 2022.
- FTX's creditors have filed claims worth $11.6B.
- Tribe has over $1.6B in assets under management (AUM).
