PALO ALTO, Calif.--(BUSINESS WIRE)--Mysten Labs (“Mysten” or the “Company”), a web3 infrastructure company and initial developer of the Sui Layer 1 blockchain, today announced that it 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 (collectively, “FTX”) for approximately $96 million.
The transaction, which includes FTX’s entire equity stake in Mysten and all of FTX’s warrant rights to purchase SUI tokens, was approved by the United States Bankruptcy Court for the District of Delaware as part of FTX’s Chapter 11 bankruptcy proceedings. The stake was originally purchased by FTX as part of Mysten’s $300 million Series B fundraise, which was announced in September 2022.
“We are very pleased to close this transaction, which speaks to the tremendous confidence we have in our capabilities, technology and partnerships, while also enabling us to preserve flexibility in how we operate our business. We look forward to continuing to scale our platform and build alongside the most exciting and innovative web3 companies in the world,” said Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs.
About Mysten Labs
Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com