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With the surge in SpaceX's stock price, FTX's investment returns from SpaceX could reach tens of billions of dollars
since SpaceX's market value exceeded $2.5 trillion after its IPO last week, creditors of the bankrupt crypto exchange FTX may stand to benefit. Before FTX's collapse in 2022, it invested $190 million in SpaceX through a fund managed by venture capital firm K5 Global.Creditor representative Sunil Kavuri stated that based on SpaceX's current market value, the value of FTX's exposure to its investment in SpaceX could reach tens of billions of dollars. Previously, FTX restructuring trust CEO John J. Ray III noted that the performance of the co-investment with K5 Global will be a key driver in asset recovery efforts. (decrypt)
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FTX's SpaceX Exposure May Reach Billions of Dollars
SpaceX's market capitalization has risen to over $2.52 trillion following its listing. Creditors of the bankrupt crypto exchange FTX are focusing on whether its related exposure will increase the bankruptcy estate recovery. Before its collapse in 2022, FTX indirectly held investments in SpaceX through venture capital firm K5 Global. FTX Recovery Trust CEO John J. Ray III reached a settlement with K5 Global in January last year, with both parties agreeing to cooperate to maximize recoveries for FTX stakeholders. Bankruptcy filings show that Alameda Research transferred significant funds to entities affiliated with K5, and K5's funds invested $190 million in SpaceX prior to FTX's collapse. Creditor representative Kyle Schmidt previously estimated that customers with claims exceeding $50,000 could ultimately receive distributions amounting to 171% of their claims, with FTX having already distributed $10.3 billion to customers. FTX creditor Sunil Kavuri stated that based on SpaceX's current market valuation, FTX's exposure to SpaceX could be worth billions of dollars. (Decrypt)
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Certifyde raises $2 million in seed funding with participation from Ripple CEO and others
: Certifyde, an AI application platform, announced the completion of a $2 million seed funding round, with participation from K5 Global, Flamingo Capital, as well as multiple angel investors including Honey co-founder George Ruan, Ripple CEO Brad Garlinghouse, and Nutra co-founder Roland Peralta. (Techfundingnews)
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Liquid, a cryptocurrency derivatives exchange, announced the completion of its $18 million Series A funding round, co-led by Neo and Left Lane Capital.
According to Fortune, cryptocurrency derivatives exchange Liquid has announced the completion of an $18 million Series A funding round, co-led by Neo and Left Lane Capital, with participation from Haun Ventures, K5 Global, SV Angel, AntiFund, and Sunflower Capital. This comes less than six months after its $7.6 million seed round, which was led by Paradigm.
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