FTX Cryptocurrency Exchange's Asset Holdings Revealed
Date: 2023-09-13 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
1. FTX's Cryptocurrency Reserves
According to data from CoinGecko, FTX holds a substantial quantity of Solana (SOL) tokens, with approximately 55.8 million SOL, valued at $1.162 billion at the time of this review. This makes FTX one of the largest holders of SOL, representing about 10% of the circulating supply of the token.
2. Bitcoin Holdings
In addition to SOL, FTX also possesses a significant amount of Bitcoin (BTC), owning approximately 20,500 BTC, equivalent to $560 million. However, this is merely a fraction, constituting 0.1% of the total available BTC supply.
3. Ethereum in FTX's Wallet
Ethereum (ETH) also finds its place among FTX's assets, with around 112,600 ETH valued at $192 million, comprising 0.09% of the total ETH supply. In total, SOL, BTC, and ETH together account for 56.3% ($1.9 billion) of FTX's reserves.
4. A Diverse Portfolio
FTX's asset portfolio extends beyond the major cryptocurrencies and includes Aptos (APT), Tether (USDT), Ripple (XRP), BIT (BITDAO), Stargate Finance (STG), Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH), amounting to 21.8% of their assets. The remaining 21.9% of FTX's portfolio comprises over 400 other tokens.
5. Impact on Various Tokens
According to Messari, the FTX sell-off is expected to have the most significant impact on Solana, Aptos, and Tron.
6. Illiquid SOL Assets
While FTX holds a substantial amount of SOL assets, a significant portion, 42.2 million tokens, remains locked. According to the schedule, 618,400 SOL tokens are unlocked each month, equivalent to approximately 1.1% of the total SOL assets in FTX's accounts. However, a substantial unlock of 7.5 million SOL tokens is expected on March 1, 2025, accounting for a significant 13.5% of FTX's total SOL holdings.
7. FTX's Altered Asset Liquidation Plan
FTX Trading Ltd. recently made changes to its asset liquidation plan, bypassing the need for prior public notice. The new plan permits FTX to sell or transfer specific digital assets. It is anticipated that the company may sell cryptocurrency assets worth up to $100 million per week. This last-minute adjustment is seen as an attempt to mitigate the potential impact of such a massive sell-off on the market.
