FTX To Promote Sequoia Stake To Abu Dhabi’s Funding Arm For $45 Million

• FTX has reached a deal to promote its stake in mission capital company Sequoia capital. 
• The stake might be bought to Abu Dhabi’s funding arm for $45 million.
• The liquidators of the bankrupt crypto trade are in the hunt for the pass judgement on’s popularity of the sale. 
• The stake used to be got through Alameda Analysis in March 2022 for an mixture dedication capital of $100 million. 

Alameda Analysis, the quantitative hedge fund owned through FTX founder Sam Bankman-Fried, has reached a multi-million buck care for an funding fund primarily based in Abu Dhabi to dump its stake in mission capital large Sequoia Capital. 

FTX might shut the deal through the tip of this month

Consistent with the submitting made through FTX’s chapter property within the chapter court docket of Delaware, the defunct crypto trade has reached a care for Al Nawwar Investments RSC Restricted to promote its stake in Sequoia Capital for $45 million. Al Nawwar Investments is a subsidiary of Abu Dhabi’s sovereign wealth fund. Funding financial institution Perella Weinberg Companions (PWP) used to be roped in to lend a hand with the processing of achieving out to attainable acquirers and therefore negotiating a deal. 

After completely comparing the bids from the entire events with the help of PWP, the Borrowers (FTX) determined to go into into the Settlement with Buyer in line with its awesome be offering and skill to execute the Sale Transaction inside a brief time period.”  

FTX liquidators

Liquidators appointed to control the bankrupt crypto trade’s affairs are in the hunt for the chapter pass judgement on’s approval to transport forward with the deal. The closing date to report an objection is 22 March. The topic might be heard through Pass judgement on John Dorsey on 29 March. The deal comes as just right information for FTX collectors, who might see an addition of $45 million to the chapter property through the tip of this month. 

The stake used to be got through Sam Bankman-Fried’s quantitative buying and selling company Alameda Analysis again in March 2022 for an mixture capital dedication of $100 million. The court docket submitting published that as of 8 March 2023, $50 million of that dedication have been given to Sequoia Capital for funding in its mission capital portfolio.