Sam Bankman-Fried. Source: Screenshot from a video, Forbes/YouTubeAlameda Research, a trading company linked to major crypto exchange FTX, had around €14,600 billion in assets as of June 30, but as much as €5,820 billion of those assets consist of the exchange's native FTT token, according to a company document. .
The largest asset on the company's balance sheet is about $3660 billion in "unlocked FTT," and the third asset held by Alameda Research is another $2160 billion in "FTT collateral," according to the document obtained by the site. Coindesk industry news.
The company's liabilities are also partly made up of FTT. Some €292 million in "locked TTFs" are part of Alameda Research's €8 billion liability, company data indicates.
Alameda Research used its assets to pursue acquisitions in the market in cooperation with FTX. In late October 2022, the exchange obtained approval from a US bankruptcy court for the Southern District of New York to take over the assets of struggling cryptocurrency platform Voyager Digital. The exchange made its offer in conjunction with Alameda.
“The FTX US offering, valued at approximately €1,422 billion, includes (i) the fair market value of all Voyager cryptocurrencies at a future date to be determined prior to the closing of the sale, which at current market prices at September 26 is estimated at €1,311 billion, plus (ii) additional consideration expected to provide approximately €111 million of additional value to creditors,” the statement said.
With the offer approved, Voyager Digital must move forward with a customer vote on the broader plan by which its sale to FTX US will be implemented.
"The deadline to vote on the plan is November 29," the statement read. "Over the next few days, our Stretto claims agent will send application packets to all creditors eligible to vote on the plan, including customers."
The move comes about three months after Voyager Digital rejected a joint offer from FTX and Alameda Research, calling it a "cheap deal" that could derail the company's bankruptcy proceedings.
Founded in 2017 and controlled by FTX CEO and co-founder Sam Bankman-Fried (SBF), Alameda Research trades between €600 billion and €1.5 billion a day in thousands of digital products, data from the crypto-analytics firm shows. Messari. me.
Last September, SBF revealed that his company had amassed an estimated $XNUMX billion war chest to bail out struggling crypto firms and buy their assets.