Are you curious about the assets still held by the crypto exchange FTX amidst its bankruptcy? Recent court documents have unveiled that despite its financial woes, FTX is far from asset-less. In fact, as of the end of August, the exchange was still holding a staggering amount of over $3 billion in assets.
A Deep Dive into FTX’s Asset Pool
According to information shared by crypto reporter Colin Wu, FTX’s asset pool on August 31, 2023, comprised almost $2 billion in Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) alone. The total value of the crypto assets held by FTX was a whopping US$3.4 billion, including:
- US$1.16 billion SOL
- $560 million BTC
- $192 million ETH
- $137 million APT (Aptos)
- $120 million USDT (Tether)
- $119 million XRP
- $49 million BIT (BitDAO)
- $46 million STG (Stargate Finance)
- $41 million WBTC (Wrapped Bitcoin)
- $37 million WETH (Wrapped Ethereum)
FTX’s Journey Through Chapter 11
As revealed by Kroll Restructuring’s documents, FTX has managed to secure funds during the Chapter 11 process. The court records indicate that $2.6 billion of debtor and non-debtor cash has been confirmed to date. Despite the financial turmoil of Q1 2023, FTX has successfully secured fiat from over 30 separate banking institutions globally. This cash has been pooled within a master account with the aim of safeguarding estate assets. The increase in unrestricted cash is primarily due to venture investment monetization and stablecoin conversions.
FTX’s Securities Holdings
Furthermore, FTX is holding more than $500 million worth of securities in its brokerage accounts. These securities investments include $70 million in the Grayscale Ethereum trust, $36 million in the BitWise 10 Crypto Index Fund, $6 million spread across other Grayscale funds, less than $1 million in BlackRock equity, and a significant $417 million in Grayscale’s Bitcoin trust, which accounts for 79% of FTX’s securities holdings.
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