FTX has released the presentation materials for its shareholder meeting taking place Sept. 11–12. The unrestricted portion provides a clear overview of the company’s current state and its slow march toward settlement.
The shareholders will begin their day with an account of the claims against the cryptocurrency exchange. Over 2,300 non-customer claims have been filed against it, including those from Genesis, Celsius and Voyager. The claims are worth $65 billion, although those from FTX Digital Markets are “assumed to be invalid/redundant,” and the United States Internal Revenue Service’s claim — the largest at $43.5 billion — is assumed to be subordinated.
Based on information from August, 36,075 customer claims, worth $16 billion, have been filed against FTX and FTX US, and 10% of those have been agreed on.
FTX’s assets top $7 billion and include digital assets, cash, brokerage investments, its venture portfolio, tokens and real estate. The company owns 38 properties in the Bahamas, worth $222 million at book value.
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The company has monetized $588 million in avoidance claims so far. All that money has come from investments made by FTX, and it is looking at another $16.6 billion in identified potential avoidance claims from investments. In addition, it has identified over 50 potential actions against “insiders,” including Sam Bankman-Fried, Nishad Singh, Gary Wang, Caroline Ellison and 46 others, for a total of $2.2 billion.
FTX may claw back $86.6 million in political and charitable donations and $190.3 million through 884-plus potential actions against vendors as well.
FTX has identified about $833 million in Bitcoin (BTC) and Ether (ETH), not counting $487 million in BTC- and ETH-denominated securities. In addition, the company has holdings of over 1,300 other tokens. The largest of those are $362 million in Serum (SRM), $309 million in Maps (MAPS) and $164 million in Oxygen (OXY).
Its venture portfolio was worth about $4.5 billion across 438 investments at the time of its bankruptcy. Of that sum, $3.8 billion has been recovered. Equity investments in 202 firms make up the bulk of the remaining funded investments, with the largest chunk being $1.2 billion in crypto-miner Genesis Digital, followed by $500 million in artificial intelligence firm Anthropic and $110 million in Voyager Digital.
Preference Exposure in FTX presentation
MethodologyWithdrawals: Valued at current pricing (31st Aug)Deposits: Transaction time
Owed to FTX estate15-Day: $11.2bn (intl) + $2.2bn (US)90-Day: $21.4 (intl)+$3.6bn (US) pic.twitter.com/wlsAr8MP6C
— Sunil (FTX Creditor Champion) (@sunil_trades) September 11, 2023
More than 75 potential bidders to relaunch FTX and/or FTX US have been contacted, according to the presentation. They have until Sept. 24 to place bids. Confirmation of the recovery plan is targeted for the second quarter of 2024. There are reports that FTX may liquidate a significant portion of its crypto holdings in the near future.
Those privy to the restricted portion of the presentation will also learn about its current tax status and receive an update on United States Department of Justice restitution and outbound litigation, among other sensitive matters.
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