FTX plans to sell stake in Mysten Labs for $96M

Mar. 23, 2023

By Mike Dalton

The sale amount includes $1 million of SUI token warrants.

FTX has submitted a motion through which it intends to sell its stake in Mysten Labs, according to a bankruptcy court filing on March 22.

The value of the sale is estimated to be more than $96 million. About $95 million of that amount consists of shares, though it also includes $1 million of SUI token warrants — that is, a promise to receive Mysten Labs’ future crypto token when it is released.

FTX acquired those assets by leading a Series B fundraising round for Mysten Labs in August 2022 and in other transactions around that time. The fundraiser brought in $300 million from FTX and other companies and raised Mysten Labs’ valuation to $2 billion.

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