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TRON CEO Justin Sun and Ripple CEO Brad Garlinghouse Race to Buy FTX Assets
Sun confirmed that several associates were investigating FTX’s assets but admitted that it could be some time before they are auctioned off. Before FTX filed for bankruptcy on Nov. 11, 2022, Ripple CEO Brad Garlinghouse was interested in buying FTX’s stakes in other companies and its institution-facing business. He later admitted that FTX’s bankruptcy filing would complicate the acquisition process.
Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows
According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21. These join a larger tranche of 273,327 shares from Nov. 15, that purchase was completed just a week after FTX fell apart. Coinbase is, meanwhile, another target for ARK. Since the start of November, the firm has added 1.3 million COIN shares, taking its total stake to 8.374 million — near all-time highs.
Crypto Brokerage Genesis Is Said to Warn of Bankruptcy Without Funding
Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail. “We have no plans to file bankruptcy imminently,” a representative for Genesis said in an emailed statement. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
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