{"id":22220,"date":"2023-09-11T17:38:26","date_gmt":"2023-09-11T17:38:26","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-has-222m-in-bahamas-real-estate-1300-tokens-shareholder-presentation\/"},"modified":"2023-09-11T17:38:28","modified_gmt":"2023-09-11T17:38:28","slug":"ftx-has-222m-in-bahamas-real-estate-1300-tokens-shareholder-presentation","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-has-222m-in-bahamas-real-estate-1300-tokens-shareholder-presentation\/","title":{"rendered":"FTX has $222M in Bahamas real estate, 1,300 tokens: shareholder presentation"},"content":{"rendered":"
\n

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\u2019s current state and its slow march toward settlement.\u00a0<\/p>\n

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 \u201cassumed to be invalid\/redundant\u201d and the Internal Revenue Service\u2019s claim \u2013 the largest at $43.5 billion \u2013 is assumed to be subordinated.<\/p>\n

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. <\/p>\n

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. <\/p>\n

Related: Binance\u2019s Richard Teng denies FTX comparisons: \u2018We welcome the scrutiny\u2019<\/em><\/strong><\/p>\n

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 \u201cinsiders,\u201d including Sam Bankman-Fried, Nishad Singh, Gary Wang, Caroline Ellison and 46 others, for a total of $2.2 billion. <\/p>\n

FTX venture portfolio summary. Source: FTX<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

FTX has identified about $833 million in Bitcoin (BTC) and Ether (ETH) assets, not counting $487 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). <\/p>\n

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 AI firm Anthropic and $110 million in Voyager Digital. <\/p>\n

\n

Preference Exposure in FTX presentation<\/p>\n

Methodology
Withdrawals: Valued at current pricing (31st Aug)
Deposits: Transaction time<\/p>\n

Owed to FTX estate
15-Day: $11.2bn (intl) + $2.2bn (US)
90-Day: $21.4 (intl)+$3.6bn (US) pic.twitter.com\/wlsAr8MP6C<\/a><\/p>\n

\u2014 Sunil (FTX Creditor Champion) (@sunil_trades) September 11, 2023<\/a><\/p><\/blockquote>\n

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. <\/p>\n

Those privy to the restricted portion of the presentation will also find out about its current tax status, receive an update on United States Department of Justice restitution and outbound litigation, among other sensitive matters.<\/p>\n

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n