FTX and Alameda's Massive Crypto Holdings Uncovered in Liquidation Sale

FTX and its sister company, Alameda Research, continue to liquidate their crypto holdings as part of their debt repayment plan. Despite selling two-thirds of their stake in Anthropic for $884 million, FTX still holds significant amounts of BOBA, ETH, WLD, BIT, BTC, and STG. The company's claims have risen since they revealed their potential recovery plan, which includes a 118% payout for many creditors.

FTX and Alameda Liquidations Accelerate, Unveiling Massive Crypto Holdings

In the wake of their tumultuous collapse, bankrupt cryptocurrency trading firm FTX Derivatives Exchange and its sister trading firm Alameda Research are aggressively liquidating their digital assets to fuel a planned debt repayment scheme.

Since April, FTX and Alameda have liquidated crypto worth $97.35 million, significantly impacting the Solana ecosystem, which holds a substantial portion of FTX's holdings. According to blockchain analytics firm Arkham Intelligence, FTX still possesses $33.85 million in BOBA, $11.22 million in ETH, and an overwhelming 78% of the FTT supply.

Alameda Research also holds significant positions in various cryptocurrencies, including $140 million in WLD, $102 million in BIT, $93 million in BTC, and $48 million in STG. These substantial holdings suggest that both companies may divest their stakes in the near future.

FTX Reorganization Plan Sparks Surge in Claims

FTX has outlined a comprehensive reorganization plan that has revitalized investor claims. The plan proposes a potential recovery of 118% for numerous FTX creditors, with some receiving payouts exceeding 142% of their initial claims. Smaller creditors are prioritized through a designated "convenience class," ensuring payouts of approximately 118% within two months of court approval.

Louis Origny, Chief Technology Officer of claim buyer FTX Creditor, anticipates a surge in claim-purchasing activities due to a potential 30% tax withholding rate for non-US customers and the inability of all claim holders to cash USD checks.

FTX Offloads Anthropic Stake

Amidst the ongoing liquidations, FTX has offloaded two-thirds of its holdings in Anthropic, an Artificial Intelligence (AI) startup, for $884 million. Mubadala-aligned entity ATIC Third International Investment Co., Jane Street, and Craig Falls acquired the stake, among others, after receiving court approval for the sale.

Conclusion

The accelerated liquidations by FTX and Alameda signal a concerted effort to generate funds for debt repayment. The massive crypto holdings disclosed by Arkham Intelligence underscore the significant impact of liquidations on the crypto markets, particularly on the Solana ecosystem.

FTX's proposed reorganization plan has galvanized investor claims, with smaller creditors receiving preferential treatment. However, the challenges of potential tax implications and limited cash disbursement options may lead to increased claim-purchasing activities. The ongoing sale of company stakes, including the recent offloading of Anthropic holdings, demonstrates FTX's determination to fulfill its debt obligations and restructure its operations.