How Much Cryptocurrency Does FTX Really Own?
Court documents have unveiled that FTX, a crypto exchange currently undergoing bankruptcy proceedings, maintains assets exceeding $3 billion as of August 31, 2023.
Reported on August 31, 2023, by crypto journalist Colin Wu on the social media platform X, FTX still held close to $2 billion in cryptocurrencies, including Solana (SOL), Bitcoin (BTC), and Ethereum (ETH).
Specifically, on August 31, FTX’s crypto assets amounted to $3.4 billion, comprising $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, $137 million in Aptos (APT), $120 million in Tether (USDT ), $119 million in XRP, $49 million in BitDAO (BIT), $46 million in Stargate Finance (STG), $41 million in Wrapped Bitcoin (WBTC), and $37 million in Wrapped Ethereum (WETH).
According to documents from Kroll Restructuring, the exchange has successfully secured funds through the Chapter 11 bankruptcy process, with court records confirming the availability of $2.6 billion in debtor and non-debtor cash to date.
The documents further reveal that FTX acquired these funds by skillfully navigating the financial uncertainties of Q1 2023, securing fiat from more than 30 global banking institutions.
READ MORE: FTX Set to Liquidate $3.4 Billion in Cryptocurrency
These funds have been consolidated in a master account to protect the assets of the estate. The increase in unrestricted cash is primarily attributed to monetizing venture investments and converting stablecoins.
In addition, the documents highlight FTX’s substantial holdings of securities in its brokerage accounts, totaling over $500 million.
These investments encompass $70 million in the Grayscale Ethereum trust, $36 million in the BitWise 10 Crypto Index Fund, $6 million diversified across various Grayscale funds, less than $1 million in BlackRock equity, and a significant $417 million invested in Grayscale’s Bitcoin trust, constituting 79% of FTX’s securities portfolio.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
