FTX has $222M in Bahamas real estate, 1,300 tokens: shareholder presentation
FTX has released its presentation materials for the 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 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 assets including digital assets, cash, brokerage investments, its venture portfolio, tokens and real estate top $7 billion. FTX owns 38 properties in the Bahamas worth $222 million at book value.
Related: Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’
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) assets, not counting $487
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