Author: Luccy, BlockBeats

On May 8th, FTX and its affiliated debtors submitted a reorganization plan and disclosure statement to the U.S. Bankruptcy Court in Delaware, which is expected to distribute almost all of FTX's assets at the time of its bankruptcy in November 2022 to customers and other creditors worldwide.

After experiencing the dark age of FTX's bankruptcy, "full compensation" may be the most eagerly awaited term for creditors. As a result, FTX's platform token FTT saw a surge in the market, rising all the way to over $2.1, with a 24-hour increase of 19.16%.

FTX Reboot, Creditors to Receive 118% in 60 Days

When FTX declared bankruptcy, creditors faced a lengthy bankruptcy process in court, with no guarantee of how much of their claims they would receive.

Since FTX applied for Chapter 11 bankruptcy in Delaware on November 11, 2022, it has been very complex to calculate the exact time and value of the claims transactions. Industry traders told Fortune magazine that some claims transactions were conducted on online platforms, while others were private transactions, with buyers not required to submit transfer applications immediately, resulting in delays. Some claims transactions were only reported as their own claims.

Most creditors hope to at least recover some funds, so in the absence of certainty about how trades will cover funding gaps, some creditors may sell their claims at a low price, and the buyers' losses depend on how much debt the bankruptcy trustee can recover.

Related reading: "Betting on FTX Bankruptcy Claims, He Made $25 Million"

As of March 28, there have been 49 transactions on the major online trading platform Claims Market in the industry, exchanging claims worth over $439 million. At the same time, according to court records as of March 20, hedge funds have purchased heavily discounted claims worth over $2.3 billion.

FTX expects the total value of assets collected, converted to cash, and available for distribution to be between $14.5 billion and $16.3 billion. This amount includes assets controlled by the Chapter 11 debtors and assets controlled by FTX Digital Markets, Ltd. (Bahamas) joint official liquidators, the Bahamas Securities Commission, and FTX Australia joint official liquidators.

In other words, if the reorganization plan is approved by the bankruptcy court, 98% of FTX creditors will receive approximately 118% of their allowed claim amounts within 60 days of the plan taking effect. The remaining creditors will receive all claims, "plus compensation for the time value of billions of dollars in investments."

Bitcoin and SOL to the Rescue

FTX's "rebirth" can be largely attributed to the soaring prices of Bitcoin and SOL.

According to data submitted in the FTX case report, FTX's estate includes approximately 59 million SOL and 21,482 bitcoins. Since the company applied for bankruptcy, these tokens have risen by about 1,000% and 343%, respectively. FTX will sell 41 million SOL to institutional investors at a price 68% lower than the current market price, valued at approximately $6 billion at the time of this writing.

Did Bitcoin Haters Anticipate the "Bitcoin Bull Market"?

In SBF's view, Bitcoin as a payment network has no future, and he has criticized Bitcoin for its low efficiency and high environmental cost. He once said, "The Bitcoin network is not a payment network, nor is it a scaling network." Perhaps it is well known that SBF dislikes Bitcoin. Cathie Wood, CEO of Ark Invest, once stated on her social media platform, "SBF doesn't like Bitcoin because Bitcoin is transparent and decentralized, and SBF cannot control Bitcoin."

After SBF was arrested and imprisoned, the crypto winter continued for nearly a year. But with the anticipation of Bitcoin halving and ETF, speculative sentiment gradually increased. On January 11, the Bitcoin ETF was successfully approved, ushering in a new chapter for the crypto industry, with a large amount of funds entering the Bitcoin ecosystem through the ETF. Apart from the meme frenzy, Bitcoin has gone from inscriptions to runes, and then to the flourishing L2, it can be said to be a "Bitcoin bull market."

Despite SBF's dislike of Bitcoin, he does not deny its material value and continues to trade Bitcoin for profit as an investor. According to data submitted in the FTX case report, when FTX announced bankruptcy, it still held tens of thousands of bitcoins. Bitcoin has gradually reached new historical highs in this round of bull market speculation, despite several pullbacks, most researchers still maintain confidence in its future.

While SBF may not have witnessed this historic moment in person while in prison, it is undeniable that it is his criticism of Bitcoin that once again injected funds into the crypto world.

Investors Choosing Between SOL and Each Other

During the time when Bitcoin became the leading player, SOL was also an investment target that could not be ignored, and the relationship between FTX and Solana in the crypto community can be described as a good story.

Solana was never a team born with a silver spoon. After the fundraising for validator nodes ended in 2019, Anatoly and Raj insisted on focusing on developing the mainnet first, which caught SBF's attention. At that time, SBF was looking for partnerships with public chains, and among many well-known public chains, Solana may not have stood out, but one thing made SBF decide to invest heavily in Solana.

After SBF and Anatoly and Raj learned about Solana, he immediately had engineers send a large number of junk transactions to attack Solana's performance. Solana withstood this challenge, and on that day, SBF decided to invest in Solana, and a few days later, FTX's own decentralized order book matching engine, Serum, was born.

Related reading: "The Rise and Fall of Solana: A Lot of Accidents and a Little Necessity"

It can be said that the mutual choice between FTX and Solana has created each other, and SBF is naturally a loyal investor in SOL. SBF believes that Solana may become the next Bitcoin, and Solana's market value may surpass Ethereum. There are not many blockchains that can be compared with Solana. "Solana is one of the few public blockchains with a truly reasonable roadmap, capable of scaling to millions of transactions per second, with each transaction costing only a few cents, which is the scale advantage users need."

After FTX announced bankruptcy, the Solana public chain also suffered a severe setback and fell into a predicament, causing the SOL price to plummet. However, Solana still attracts countless users to invest with its high performance and low gas fees, especially since the meme frenzy last year, the SOL price has broken through three digits and reached new historical highs several times.

Even since being detained last summer, SBF has not forgotten Solana, even rumored to "recommend investing in SOL to prison guards." Although SOL has experienced retracements during several market pullbacks, it still maintains a three-digit price, enough to earn huge profits for FTX.

Now, with SBF being convicted on all seven counts, he has been sentenced to 25 years in prison by the U.S. Manhattan court and fined a staggering $11 billion. The chapter of FTX led by this legendary figure has come to a close. The reorganized FTX may open a new chapter after fully compensating creditors, but whether the reorganization proposal of FTX can be approved in the current tightening regulatory environment remains to be seen.

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