Shares of cryptocurrency-related companies, including Coinbase Global, Inc. COIN, Marathon Digital Holdings, Inc. MARA and Riot Blockchain, Inc. RIOT were volatile on Friday after crypto exchange FTX commenced Chapter 11 proceedings.
Sam Bankman-Fried, the company's CEO and founder, has also left his position but will assist in an orderly transition. The company has appointed John J. Ray III as CEO.
"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," said Mr. Ray.
At the time of publication, Coinbase was up about 1.7% at $51.79 per share. Meanwhile, Marathon Digital was down about 5.66% at $9.42 per share and Riot was down about 5.26% at $5.14 per share.
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