FTX To Sell Sequoia Stake To Abu Dhabi’s Investment Arm For $45 Million

• FTX has reached a deal to sell its stake in venture capital firm Sequoia capital.&
• The stake will be sold to Abu Dhabi’s investment arm for $45 million.
• The liquidators of the bankrupt crypto exchange are seeking the judge’s approval for the sale.&
• The stake was acquired by Alameda Research in March 2022 for an aggregate commitment capital of $100 million.&

Alameda Research, the quantitative hedge fund owned by FTX founder Sam Bankman-Fried, has reached a multi-million dollar deal with an investment fund based in Abu Dhabi to offload its stake in venture capital giant Sequoia Capital.&

FTX may close the deal by the end of this month

According to the filing made by FTX’s bankruptcy estate in the bankruptcy court of Delaware, the defunct crypto exchange has reached a deal with Al Nawwar Investments RSC Limited to sell its stake in Sequoia Capital for $45 million. Al Nawwar Investments is a subsidiary of Abu Dhabi’s sovereign wealth fund. Investment bank Perella Weinberg Partners (PWP) was roped in to assist with the processing of reaching out to potential acquirers and subsequently negotiating a deal. 

After thoroughly evaluating the bids from all of the parties with the assistance of PWP, the Debtors (FTX) decided to enter into the Agreement with Purchaser based on its superior offer and ability to execute the Sale Transaction within a short time frame.”  

FTX liquidators

Liquidators appointed to manage the bankrupt crypto exchange’s affairs are seeking the bankruptcy judge’s approval to move ahead with the deal. The last date to file an objection is 22 March. The matter will be heard by Judge John Dorsey on 29 March. The deal comes as good news for FTX creditors, who may see an addition of $45 million to the bankruptcy estate by the end of this month.&

The stake was acquired by Sam Bankman-Fried’s quantitative trading firm Alameda Research back in March 2022 for an aggregate capital commitment of $100 million. The court filing revealed that as of 8 March 2023, $50 million of that commitment had been given to Sequoia Capital for investment in its venture capital portfolio. 

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