Following the significant drop in the cryptocurrency market, crypto exchange FTX U.S. has been on a significant buying binge of distressed assets this year. This week, FTX was successful in its effort to buy the struggling cryptocurrency lender Voyager Digital’s assets.
According to people with knowledge of the situation, the cryptocurrency exchange will now put up a bid for the assets of the insolvent lender Celsius Network. There is a rumor circulating in the market that FTX is now raising $1 billion from the market.
If FTX is successful in closing the Celsius purchase, it will enable them to expand their presence in other cryptosphere industries. Apart from loans, Celsius also runs Bitcoin mining operations and a crypto custody company. It’s not yet known whether Sam Bankman-business Fried’s conglomerate, which also includes FTX and Alameda Research, is making a bid for all or a portion of Celisus’s assets.
As previously mentioned, Sam Bankman-Fried was successful in acquiring the assets of Voyager Digital for an enormous $1.4 billion. This includes $110 million in “extra consideration” in addition to the $1.3 billion in value of all cryptocurrencies already held by Voyager Digital.
The announcement that Celsius is thinking about selling some of its assets comes shortly after CEO Alex Mashinsky’s resignation on Tuesday. Celsius is currently deliberating on a number of options, including liquidation and restructuring. Multiple fresh financial infusion offers were made to Celsius last month to aid in its restructuring process.
Moving The FTX Headquarters
The move of the FTX headquarters from Chicago to Miami was another significant statement made by FTX CEO Sam Bankman-Fried on Tuesday. Additionally, Zach Dexter will take over for Brett Harrison as president of FTX US. Prior to FTX U.S. purchasing LedgerX, Dexter served as its CEO.
In its announcement on Tuesday, SBF noted:
