Liquidators for failed cryptocurrency exchange FTX ( FTT-USD ) filed a motion to sell its stake in venture capital firm Sequoia Capital to Al Nawwar Investments, a unit of Abu Dhabi Investment Council, for $45M in cash. Abu Dhabi Investment Council is the investment arm of the Abu Dhabi government. Al Nawwar is an existing investor in Sequoia. FTX's sister trading firm Alameda Research acquired the stake in Sequoia last year, according to a filing to Delaware's bankruptcy court, committing $100M in capital. To date, Alameda contributed ~$50M. Owing to the size of the stake and potential decline of value if Sequoia continued to issue capital calls, the liquidators decided it would be in the best interest of FTX's estates to sell the stake. The liquidators received indications of interest from four parties for the stake, including one from Al Nawwar last month. Al Nawwar's bid was chosen based on its "superior offer" and ability to execute the deal within a short time frame, courts papers showed. The sale is expected to close by the end of this month. Earlier, FTX's Singh pleaded guilty to fraud charges .
