FTX 2.0 Customer Coalition
9 months
1 of 3 FTX bids is Bullish.
Based on what we know, it may be the weakest bid.
1: Customer migration to their exchange. Unlikely to share much equity, unlikely to use FTX brand.
2. Earnout structure. Likely low price, more only on volume targets.
3. Bullish has low traction,