Mysten Labs buys back stake from FTX for $96 million
Quick Take
- Mysten Labs paid $96 million to repurchase FTX’s equity stake and right to purchase Sui tokens.
- FTX invested in Mysten Labs less than a year ago.
- The repurchase was approved by U.S. Bankruptcy Court.
Mysten Labs, creator of the Layer 1 blockchain Sui, has repurchased an equity stake bought by FTX less than a year ago.
The total buyback price of $96 million also includes “all of FTX’s warrant rights to purchase Sui tokens,” Mysten said in a statement. The Sui blockchain, developed at Meta, has garnered a significant amount of interest from investors. Since late 2021, the company has raised a total of $336 million, according to The Block Pro's Deals Dashboard.
FTX's investment in Mysten was part of a $300 million Series B funding round from September 2022, according to the statement.
“We are very pleased to close this transaction, which speaks to the tremendous confidence we have in our capabilities, technology and partnerships,” said Mysten Labs Co-Founder and CEO Evan Cheng.
The buyback was part of FTX’s bankruptcy proceedings, according to Mysten.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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