dailyhodl.com
Court documents reveal that the bankrupt crypto exchange FTX is still holding over $3 billion in assets as August 31.
As shared on the social media platform X by crypto reporter Colin Wu, on August 31, 2023, FTX was still holding almost $2 billion in Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) alone.
“As of August 31, FTX held a total of US$3.4 billion in crypto assets, 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).”
According to Kroll Restructuring’s documents, the exchange has secured funds through the Chapter 11 process. The court records indicate that $2.6 billion of debtor and non-debtor cash has been confirmed to date.
“The Debtors navigated the Q1 2023 financial banking turmoil and secured fiat from over 30 separate banking institutions globally. Cash has been located and pooled within a Master account for purposes of safeguarding estate assets. Unrestricted cash has increased primarily due to venture investment monetization and stablecoin conversions.”
The documents also show that FTX holds more than $500 million worth of securities in its brokerage accounts. The 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 massive $417 million in Grayscale’s Bitcoin trust, which accounts for 79% of FTX’s securities holdings.