Liquidators for defunct crypto exchange FTX asked a judge to approve the sale of its interest in venture capital firm Sequoia Capital to an Abu Dhabi state-backed investment firm, in a deal that values the stake at $45 million.

FTX agreed to sell the interest, which previously belonged to its sister trading outfit Alameda Research’s venture arm, to Al Nawwar Investments RSC Limited, its estate said in a filing to Delaware’s bankruptcy court late that same day. Al Nawwar is a subsidiary of an investment fund wholly owned by the Abu Dhabi government and is an existing investor in Sequoia.

Alameda had acquired the stake in March 2022 for an aggregate capital commitment of $100 million, the filing said. To date, around $50 million of that commitment had been called up by Sequoia for investment in various portfolio companies.

Advisers for FTX have been scrambling to raise money from the failed crypto exchange’s wreckage in order to repay creditors, with around $5 billion in cash and crypto-assets located as of January. Liquidators said that it had decided it was in “the best interest” of the estate to sell its Sequoia stake now because of its size, expected management fees and because its value could diminish if Sequoia chose to make more capital calls in the future.

Al Nawwar had made a bid for the stake in February alongside three other parties. Subject to approval, the deal is expected to close by the end of this month, the filing said.