Newly released court documents have revealed that bankrupt cryptocurrency exchange FTX still holds over $3 billion in assets as of August 31.
FTX holdings in crypto
According to crypto reporter Colin Wu’s post on social media platform X, FTX has not sold off almost $2 billion worth of Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) holdings as of the same date.
“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).”
Based on documents from Kroll Restructuring, the exchange has obtained funds through Chapter 11 proceedings.
Court records reveal that they have confirmed $2.6 billion in debtor and non-debtor cash to date.
The Debtors were able to navigate the financial turmoil of Q1 2023 and secure fiat from over 30 banking institutions worldwide. The cash has been consolidated and pooled in a Master account to safeguard estate assets.
Unrestricted cash has increased mainly due to monetization of venture investments and stablecoin conversions.
The documents also disclose that FTX holds securities worth more than $500 million in their brokerage accounts.
These investments include $70 million in the Grayscale Ethereum trust, $36 million in the BitWise 10 Crypto Index Fund, $6 million divided among other Grayscale funds, less than $1 million in BlackRock equity, and an enormous $417 million in Grayscale’s Bitcoin trust. This trust accounts for 79% of FTX’s securities holdings.
Solana in the news
According to a press release, Visa conducted a successful pilot with Crypto.com and is now launching a new cross-border payment system using Circle’s USDC on Solana.
Visa has already moved millions of USDC between its partners on both Solana and Ethereum over VisaNet, the company’s online payment processing system, as part of the pilot.
Check out our previous article in order to learn more details.
