FTX's Crypto Portfolio

FTX, once a prominent cryptocurrency exchange, is navigating a complex journey as it seeks regulatory approval to liquidate a substantial $3.4 billion in cryptocurrency assets from its bankruptcy estate. This process has drawn significant attention, not only for the exchange's challenges but also for the intriguing composition of its holdings. 

A recent report from CoinGecko has revealed FTX's top 10 digital asset holdings, shedding light on what the exchange has in its crypto arsenal. Let's check them out.

1. Solana (SOL)

FTX's largest holding is none other than Solana (SOL). With approximately 55.8 million SOL, valued at a staggering $1,050.156 million at the time of writing, FTX has established itself as one of SOL's most significant stakeholders. FTX's holdings represent up to 10.0% of SOL's total supply. 

2. Bitcoin (BTC)

Following closely behind SOL is Bitcoin (BTC), the flagship cryptocurrency. FTX holds around 20.5k BTC, equivalent to $540.8 million at press time. While this is substantial, it constitutes only a small fraction, just 0.1%, of BTC's circulating supply.

3. Ethereum (ETH)

Ethereum (ETH) secures the third position in FTX's holdings. Approximately 112.6k ETH, valued at $182.284 million as of writing, comprise this portion of their portfolio. This represents merely 0.09% of ETH's circulating supply.

The Top Three: A Significant 56.3%

Collectively, SOL, BTC, and ETH account for a substantial 56.3% of FTX's extensive portfolio, equivalent to $1.779 billion. This dominance underscores the importance of these assets within FTX's crypto holdings.

Beyond the Top Three: A Mix of Altcoins and More

FTX's portfolio diversification extends to include Aptos (APT), Tether (USDT), Ripple (XRP), BIT (BITDAO), Stargate Finance (STG), Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH). Together, these assets comprise up to 21.8% of FTX's holdings, providing a blend of altcoins and stablecoins.

The Remaining 21.9%: Over 400 Additional Tokens

Beyond the top 10 holdings, FTX's portfolio comprises an intriguing array of over 400 additional tokens, accounting for the remaining 21.9% of its holdings.

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BTC & ETH - Account for 22.1% of Holdings

Bitcoin (BTC) and Ethereum (ETH) constitute a significant portion, accounting for 22.1% of FTX's total holdings. However, it's important to highlight that these holdings represent only about 0.10% of the circulating supply for their respective cryptocurrencies. In the event of a liquidation, the market should be capable of absorbing these holdings without significant impact.

FTX's SOL Unlock Schedule - A Noteworthy Detail

While FTX holds a substantial amount of SOL, it's important to note that a significant portion of these holdings is subject to a structured vesting schedule. The majority of these holdings consist of vested tokens, with approximately 42.2 million tokens that are not immediately tradable on the market. 

The vesting schedule releases 618.4k SOL monthly, constituting approximately 1.1% of FTX's total SOL holdings. However, a noteworthy event awaits on March 1, 2025, when a massive unlock of 7.5 million SOL is set to occur, constituting a substantial 13.5% of FTX's total SOL holdings.

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Altcoins & Stablecoins - A Deeper Dive

FTX's portfolio also includes altcoins like Aptos (APT), where the exchange holds $137.0 million, making up 4.0% of its total holdings. These 23.7 million APT tokens comprise about 10.4% of the current APT circulating supply. The distribution between liquid and illiquid APT tokens remains unclear due to vesting arrangements.

Furthermore, FTX maintains a stake of $119.0 million worth of XRP, comprising 3.5% of its portfolio. These 225.4 million tokens constitute about 0.43% of the current XRP circulating supply, indicating potentially lower market impact compared to SOL and APT.

FTX's holdings also encompass $46.0 million worth of STG, accounting for 1.35% of its portfolio. Despite its smaller monetary value, these 83.8 million STG tokens constitute a substantial 41.03% of the current circulating supply of STG.

In the realm of stablecoins, FTX holds $120.0 million worth of USDT as of August 31, compromising 3.5% of their total holdings.

The composition of FTX’s holdings, spanning major cryptocurrencies, altcoins, and stablecoins, paints a complex picture.

While SOL, BTC, and ETH dominate FTX's portfolio, they represent only a fraction of the circulating supplies of these cryptocurrencies. The intricacies of structured vesting schedules further complicate the situation.