FTX’s asset portfolio currently exceeds $7 billion and includes various assets such as cash, brokerage investments, tokens, and real estate.
In the latest disclosure, crypto exchange FTX released the presentation of the shareholder meeting taking place on September 11-12. This presentation provides an overview of the company’s current state as well as it is moving toward settlement. The shareholders will commence their day by reviewing the claims filed against the cryptocurrency exchange. These claims include over 2,300 from non-customers, including notable entities like Genesis, Celsius, and Voyager. The total value of these claims amounts to $65 billion.
It’s worth noting that claims from FTX Digital Markets are potentially invalid or redundant. Additionally, the United States Internal Revenue Service’s claim, which is the largest at $43.5 billion, is likely to have a subordinate status.
As of August, there are a total of 36,075 customer claims filed against FTX and FTX.US, amounting to a total value of $16 billion. It’s worth noting that 10% of these claims have been approved.
FTX’s asset portfolio currently exceeds $7 billion and includes various assets such as digital assets, cash, brokerage investments, tokens, and real estate. Notably, the company owns 38 properties in the Bahamas, valued at $222 million based on book value.
The company has already realized $588 million from avoidance claims, which primarily stem from FTX’s investments. There is also an identified potential of $16.6 billion in avoidance claims from investments. Additionally, more than 50 potential actions against individuals described as “insiders”, including Sam Bankman-Fried, Nishad Singh, Gary Wang, Caroline Ellison, and 46 others, have been identified, with a cumulative value of $2.2 billion.
FTX’s Crypto Assets
FTX’s administrators have successfully reclaimed approximately $7 billion in assets, which notably includes $3.4 billion worth of cryptocurrencies. Among these digital assets, there are identified holdings of around $833 million in Bitcoin (BTC), with a current ticker price of $25,812, and Ethereum (ETH), valued at approximately $1,581, excluding another $487 million in BTC- and ETH-denominated securities.
Additionally, FTX possesses holdings in excess of 1,300 other tokens, with the most substantial ones being $362 million in Serum (SRM), $309 million in Maps (MAPS), and $164 million in Oxygen (OXY).
At the point of its bankruptcy, FTX’s venture portfolio stands at approximately $4.5 billion, spanning 438 investments. Of this total, the exchange has managed to recover an impressive $3.8 billion. The remaining funded investments, which predominantly consist of equity stakes in 202 companies, represent the majority of the unrecovered amount. Notably, the largest portions of these investments include $1.2 billion in the crypto-mining company Genesis Digital, followed by $500 million in the artificial intelligence firm Anthropic, and $110 million in Voyager Digital.
Over 75 potential bidders for the relaunch of FTX and/or FTX.US are undergoing talks, as outlined in the presentation. These potential bidders are likely to submit their bids by September 24. Also, the confirmation of the recovery plan shall come by the second quarter of 2024. There are further indications that FTX may consider liquidating a substantial portion of its cryptocurrency holdings in the near term.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.