According to court documents, FTX released the fourth report in a series of interim financial updates on Friday, showing that FTX spent a total of $86 million as of the end of March. The report shows that the vast majority of FTX's expenses ($67 million) were used to pay legal fees.
The company said it has $2 billion in cash and earned $48 million from asset sales, but because the report only runs through the end of March, it does not include $50 million from the sale of LedgerX.
On April 26, FTX's debtors agreed to sell the derivatives exchange LedgerX to M7 Holdings, a subsidiary of Miami International Holdings, for approximately $50 million. The transaction is still subject to the approval of the U.S. Bankruptcy Court, which is overseeing FTX's bankruptcy proceedings, and a sales hearing to determine the transaction is scheduled for May 4. FTX was approved to sell its business unit to raise funds for creditors at the beginning of this year, and plans to sell three subsidiaries: Embed Financial Technologies, FTX Japan, and FTX Europe. According to a legal document from the beginning of this year, approximately 117 companies expressed interest in purchasing FTX's subsidiaries. (Decrypt)