Alameda Research, a trading firm linked to major crypto exchange FTX, had some $14.6 billion of assets as of June 30, but as much as $5.82 billion of these assets consists of the exchange’s native token FTT, according to a document sourced from the company.
The largest asset on the firm’s balance sheet is some $3.66 billion of “unlocked FTT”, and third-largest asset owned by Alameda Research is a further $2.16 billion of “FTT collateral”, according to the document obtained by industry news site Coindesk.
The firm’s liabilities are also partly comprised by FTT. Some $292 million of “locked FTT” are among Alameda Research’s aggregate $8 billion worth of liabilities, as indicated by data sourced from the firm.
Alameda Research has used its assets to seek market acquisitions in cooperation with FTX. In late October 2022, the exchange secured the approval of a the U.S. Bankruptcy Court for the Southern District of New York to take over the assets of troubled crypto platform Voyager Digital. The exchange placed its bid jointly with Alameda.
“FTX US’s bid, valued at approximately $1.422 billion, is comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined future date prior to closing of the sale, which at current market prices as of September 26th is estimated to be $1.311 billion, plus (ii) additional consideration which is estimated to provide approximately $111 million of incremental value to creditors,” according to the statement
With the offer authorized, Voyager Digital is to move forward with a customer vote on the broader plan through which its sale to FTX US will be implemented.
“The deadline to vote on the Plan is November 29,” the statement said. “In the coming days, our claims agent Stretto will send solicitation packets to all creditors entitled to vote on the plan, including customers.”
The move comes about three months after Voyager Digital dismissed a joint offer proposed by FTX and Alameda Research, calling it a “low-ball bid” that had the potential to derail the company’s bankruptcy process.
Set up in 2017 and controlled by FTX’s outspoken CEO and co-founder Sam Bankman-Fried (SBF), Alameda Research trades an estimated $600 million to $1.5 billion per day across thousands of digital products, as indicated by data from crypto analytics firm Messari.io.
Last September, SBF disclosed that his business has built an estimated $1 billion war chest to bail out distressed crypto firms and buy their assets.
