Is FTX Coming Back? New Filing Reveals Crypto Assets Including SOL, Bitcoin, and MORE

Isaiah Richard, Tech Times 11 September 2023, 08:09 pm

FTX may be looking to make a comeback in today's crypto industry, as it reveals its $3.4 billion liquid assets which are diversified into three major coins including Solana, Bitcoin, and Ethereum. Of course, there are more assets that it owns, and these other assets make up the massive sum that would be enough to resurrect the defunct crypto company from the ashes.

It is known that when FTX fell, a majority of its assets were lost, presumed to be taken by Sam Bankman-Fried and his associates as the company faced bankruptcy, with the federal government still conducting this investigation.

FTX's Filing Reveals $3.4B Assets: SOL, BTC, and ETH

(Photo : Michael M. Santiago/Getty Images)

A court filing [PDF] which appeared last Monday revealed the massive holdings of FTX now, with as much as $3.4 billion in liquid assets in the company's possession.

More than a third of its holdings are Solana (SOL) tokens, with as much as $1.16 billion worth of the crypto owned by the company. Next is the largest cryptocurrency in the world, Bitcoin, which the company has $560 million in its portfolio. Buy bitcoin instantly.

FTX also owns $196 million worth of Ethereum tokens, also regarded as the top 2 among all coins, with Aptos (APT) following with as much as $136 million. It was reported that FTX is now looking to liquidate its portfolio.

Is FTX Making a Comeback with its Crypto Platform?

Bloomberg calls this "FTX 2.0," with the company already outlining its plan for a potential reboot of the failed crypto exchange company, now starting it without Sam Bankman-Fried.

The report centered on a possible comeback by FTX in the next year, with the company being busy contacting possible bidders and investors for the relaunch of the crypto platform.

FTX's Journey: Bankruptcy to a Possible Return

On the fated day of November 11, 2022, FTX announced its downfall to the world, with Sam Bankman-Fried also announcing his resignation as its CEO, declaring a Chapter 11 bankruptcy that essentially shut down the company. Since then, massive investigations have taken place, including the auditing of its assets meant to appease global stakeholders and investors.

Many expected Bankman-Fried to be behind the company amidst this massive challenge on the company, with Bankman-Fried presumed to have no other choice to save the company and resign his post.

However, some reports are currently under the process of review by the courts, as it was claimed that Bankman-Fried allegedly transferred the company's digital assets to the Bahamas before these were frozen.

At one point earlier this year, there was a massive success for the crypto exchange platform as it was able to recover a part of its missing funds, with as much as $7.3 billion returning to them. Back when this popped up, many expected FTX to announce its return to offer its services to the world, but did not take place.

Now, as the company submitted its filing, it was revealed that its liquid assets have a massive $3.4 billion sum, comprised of the top cryptos, with another speculation on its comeback.