Mysten Labs Agrees to Buy Back Stocks From FTX at Discount – Save Big!

• Mysten Labs agreed to buy back its stocks from FTX Group at a discount.
• FTX invested in SUI tokens and preferred stock in Mysten Labs, raising $102 million.
• A court will review the plan to see if it can be approved.

Mysten Labs Agrees to Buy Back Stocks From FTX

Mysten Labs recently announced plans to purchase its shares and SUI tokens back from the FTX Group at a discounted rate. The cryptocurrency exchange had previously invested $1 million in SUI tokens and around $101 million in preferred stock for the company during a fundraising round last year. Now, attorneys for both parties have reached an agreement that could potentially wipe away 99% of the VC firm’s books.

FTX’s Investment in Mysten Labs

In 2022, Mysten Labs was able to raise funds from notable companies such as a16z, Binance Lab, Franklin Templeton, Circle Ventures, Coinbase Ventures, and more through their investment round with FTX Group leading the way. This allowed them to become a stable corporation with an estimated value of $2 billion dollars.

Court Reviews Plan

The plan must first be reviewed by the court before being approved or denied. If approved, then this would be the second clawback deal made by FTX which totals over $500 million that could be returned to worried clients of the now defunct exchange group.

Competition For Shares

Until then other investors may compete for FTX’s stake in Mysten Labs as well as any other assets they are selling off within their portfolio. It is important that these assets are sold off quickly so that any worries for their current clients can be put to rest as soon as possible.

Potential Future Transactions

Considering their track record so far it is highly likely that there could potential future transactions similar to this one between other firms and investor groups down the line in order for them all to reach satisfactory agreements on investments made during past fundraisings rounds or investments into particular companies or products.

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