Bankrupt cryptocurrency exchange FTX has filed a motion to appoint Galaxy Digital to manage the potential sale and staking of recovered cryptocurrency holdings.
FTX intends to provision for the potential sale of its cryptocurrency holdings and stake tokens through Galaxy Digital as set out in its preliminary statement. The filing notes a “comprehensive management and monetization plan” for its cryptocurrency holdings that intends to reduce exposure to volatility and potential fiat repayments to creditors.
The company noted a number of potential benefits of the partnership, including being able to anonymously sell its holdings into the markets and mitigate risk of market manipulation.FTX notes that the general investment guidelines will see Galaxy Digital sell various FTX-owned digital assets in the future as well as being responsible for hedging Bitcoin and Ethereum before any potential sales.
FTX's filing outlines plans to stake and sell some of its cryptocurrency holdings through Galaxy Digital. Source: SEC filing.
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