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PALO ALTO, Calif. ~ Mysten Labs, a web3 infrastructure company and initial developer of the Sui Layer 1 blockchain, has completed a repurchase of an equity stake in the Company and warrant rights to purchase SUI tokens previously held by FTX Ventures Ltd. and affiliated entities for approximately $96 million. The transaction was approved by the United States Bankruptcy Court for the District of Delaware as part of FTX's Chapter 11 bankruptcy proceedings.
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The stake was originally purchased by FTX as part of Mysten's $300 million Series B fundraise, which was announced in September 2022. Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, expressed his confidence in their capabilities, technology and partnerships while also preserving flexibility in how they operate their business. He further stated that they look forward to continuing to scale their platform and build alongside the most exciting and innovative web3 companies in the world.
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The stake was originally purchased by FTX as part of Mysten's $300 million Series B fundraise, which was announced in September 2022. Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, expressed his confidence in their capabilities, technology and partnerships while also preserving flexibility in how they operate their business. He further stated that they look forward to continuing to scale their platform and build alongside the most exciting and innovative web3 companies in the world.
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