Just In: Tron Founder Justin Sun to Bid for FTX's Holding Tokens
FTX Owns Large Solana Holdings
According to Sun, he is contemplating the offer as a way of reducing the selling impact of the holdings on the broader crypto ecosystem.
Contemplating an offer for FTX's holding tokens and assets to reduce their selling impact on the crypto community. Let's unite to bolster our crypto ecosystem!🙏
— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 11, 2023
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Must ReadA recent court filing which was prepared for a creditors meeting shows that the beleaguered exchange’s assets are almost $7 billion. These comprise a $3.4 billion crypto portfolio which includes roughly $1.2 billion in Solana (SOL) tokens. These SOL tokens turned out to be FTX’s largest crypto holding and many crypto community members have been wondering what would become of the digital asset in the case of a broad selloff.
Furthermore, the filing highlighted that the crypto firm holds an additional $560 million in Bitcoin (BTC) and $192 million in Ethereum (ETH).
Former FTX Executives Owns Massive Real Estate Assets
In addition, FTX owns 38 properties in the Bahamas which were all appraised at $199 million. Noteworthy, the crypto firm was based in the Bahamas before it imploded almost a year ago at which time it was only starting to get incorporated in Antigua and Barbuda.
Markedly, 15 of these properties in the Bahamas goes by the name Albany Marina Residences and they are worth $151 million and $34 million across 5 other properties.
Besides these real estate assets, it was revealed that 46 FTX executives including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison received cash, crypto, equity and real estate valued at around $2.2 billion.
The filing equally shows that since last year when the exchange filed for bankruptcy protection as well as the liquidation of its assets, almost $2.6 billion in cash has been secured. Though the financial transactions of FTX were its major bane, Justin Sun is also not free from complications
The financial transactions that beclouded the Sun’s takeover of Huobi Exchange has remained controversial to date. Whether or not he has the financial basis to finance the potential FTX holding bids he’s mulling is one thing, securing regulatory permission is what the industry now has to keenly watch out for.