Who Will Revive the FTX Exchange? Former NYSE President Among Final Three Bidders

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The collapse of FTX, once the world’s largest cryptocurrency exchange, continues to reverberate across the digital asset industry. With founder Sam Bankman-Fried recently convicted on all seven charges—including fraud and conspiracy to launder money—the long road to resolution has entered its final phase. As the bankruptcy proceedings progress, attention has turned to who will ultimately resurrect what remains of FTX’s operations.

After months of legal scrutiny and financial audits, the search for a buyer has narrowed from over 70 initial interested parties to just three final contenders. The winning bid could be announced as early as December 2025, with plans for the new entity to relaunch the exchange following FTX’s scheduled exit from bankruptcy protection.

It's important to note that the assets under auction do not include FTX’s Bahamian real estate holdings or other personal properties tied to its former leadership. This ensures the focus remains squarely on rebuilding a compliant, secure trading platform—not reviving a tainted legacy.

The Final Three: A Clash of Vision and Experience

As of this week, the identities of the final bidders have been revealed:

Each brings distinct strengths to the table, setting the stage for a high-stakes competition that could shape the future of institutional crypto adoption.

👉 Discover how institutional leadership is transforming crypto exchanges

Proof Group: Proven Track Record in Crypto Turnarounds

Proof Group has already demonstrated its appetite for distressed crypto assets. It played a key role in the Fahrenheit consortium, which successfully acquired the failed lending platform Celsius Network out of bankruptcy. That experience gives Proof a strategic edge—understanding both the technical complexities and regulatory sensitivities involved in rehabilitating a broken platform.

Their involvement signals confidence in the long-term value of FTX’s underlying infrastructure, including its user base, technology stack, and global licensing framework.

Figure Technologies: Blockchain Innovation Meets Financial Services

Figure Technologies stands out for its focus on real-world asset tokenization and fast settlement via its proprietary blockchain. While it lost out to Fahrenheit in the Celsius auction, Figure has continued expanding its footprint in decentralized finance (DeFi) and regulatory-compliant lending.

If selected, Figure may aim to integrate FTX’s exchange capabilities into a broader ecosystem where digital assets power everyday financial transactions—bridging traditional finance with blockchain efficiency.

Bullish: Institutional Credibility Meets Crypto Ambition

Bullish adds a uniquely institutional flavor to the race. Backed by major investors like Peter Thiel’s Founders Fund, Alan Howard, Li Ka-shing, and Nomura, it was founded in 2021 as an independent entity under Block.one, the developer behind the EOSIO blockchain.

Tom Farley, who served as President of the NYSE from 2014 to 2018, became CEO of Bullish in May 2023. His career trajectory—from traditional capital markets to special purpose acquisition companies (SPACs), and now crypto—reflects a growing trend of Wall Street veterans embracing digital assets.

In 2021, Farley’s SPAC, Far Peak Acquisition Corp., announced a reverse merger with Bullish valuing the exchange at $9 billion. Although market conditions forced the deal’s cancellation in late 2022, the ambition remains intact: to build a transparent, regulated, and high-performance crypto exchange grounded in institutional best practices.

Farley’s potential stewardship of a revived FTX could signal a powerful message: that even after one of crypto’s most spectacular failures, responsible leadership can restore trust.

Will the FTX Brand Survive?

One of the most debated questions is whether the new owner will keep the FTX name.

Given the exchange’s association with fraud, misuse of customer funds, and political lobbying using stolen assets, many analysts believe rebranding is likely. The emotional weight of “FTX” carries significant reputational risk—especially among institutional investors and regulators who remain cautious about crypto’s integrity.

Some bidders are reportedly considering launching under a new identity altogether, preserving valuable licenses and technology while distancing themselves from past misconduct.

Customers who lost funds during FTX’s collapse may receive compensation in the form of equity or native tokens in the new exchange. This model—used in previous bankruptcies like Mt. Gox—allows users to participate in the recovery effort while aligning their interests with the platform’s long-term success.

Frequently Asked Questions (FAQ)

Q: What happened to FTX?
A: FTX collapsed in November 2022 after revelations that it had misused billions in customer funds. Its founder, Sam Bankman-Fried, was convicted in 2025 on seven counts including wire fraud and money laundering.

Q: Who are the final bidders for FTX?
A: The three shortlisted bidders are Proof Group, Figure Technologies, and Bullish—a crypto exchange led by former NYSE president Tom Farley.

Q: Will customers get their money back?
A: Full refunds are unlikely, but creditors may receive partial recovery through shares or tokens in the restructured exchange.

Q: Is the FTX brand expected to continue?
A: Unlikely. Due to reputational damage, any new operator may choose to rebrand entirely to rebuild trust.

Q: When will a decision be made?
A: A final selection is expected by December 2025, with operations resuming after FTX exits bankruptcy proceedings.

Q: Why does this matter for the crypto industry?
A: How FTX is revived sets a precedent for accountability, regulation, and recovery in decentralized finance—showing whether broken platforms can be ethically rebuilt.

👉 See how trusted platforms are shaping the future of digital finance

A New Chapter for Crypto Exchanges

The rebirth of FTX represents more than just corporate restructuring—it’s a test of whether transparency, accountability, and strong governance can overcome one of crypto’s darkest chapters.

With seasoned players like Tom Farley entering the space and experienced firms like Proof Group stepping up, there's growing optimism that lessons have been learned. The integration of institutional standards with blockchain innovation could pave the way for safer, more resilient exchanges.

As regulators watch closely and users demand better safeguards, whoever wins the bid won’t just inherit technology—they’ll inherit responsibility.

👉 Learn what it takes to build a secure, next-generation crypto exchange

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The outcome of this auction will influence investor confidence, regulatory attitudes, and public perception for years to come. One thing is certain: the future of crypto depends not only on innovation—but on integrity.