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FTX has submitted a movement by way of which it intends to promote its stake in Mysten Labs, in keeping with a chapter court docket submitting on March 22.
The worth of the sale is estimated to be greater than $96 million. About $95 million of that quantity consists of shares, although it additionally contains $1 million of SUI token warrants — that’s, a promise to obtain Mysten Labs’ future crypto token when it’s launched.
FTX acquired these belongings by main a Sequence B fundraising spherical for Mysten Labs in August 2022 and in different transactions round that point. The fundraiser introduced in $300 million from FTX and different corporations and raised Mysten Labs’ valuation to $2 billion.
Proceeds from the sale are supposed to assist return worth to clients within the aftermath of FTX’s collapse.
Mysten Labs builds the Sui Blockchain, which goals to behave as a competitor to Ethereum whereas offering higher scalability and transaction throughput. The undertaking has gained preliminary assist from Chinese language tech and commerce big Tencent.
The Sui Blockchain remains to be in its early stage and its SUI token will not be in circulation.
