FTX has $7 billion in assets, $200 million in Bahamian real estate

FTX has $7 billion in assets, $200 million in  Bahamian real estate
FTX logo is seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration

NASSAU, BAHAMAS — The total value of the 38 properties in The Bahamas owned by FTX’s has been assessed to be worth $199 million, according to recent court filings. 

The court filing prepared for a creditor meeting on Monday showed that the FTX Bahamas properties included 15 properties in Albany Marina Residences worth $151 million and $34 million across five additional properties. According to the court filings, the properties have a $222 million book value and were appraised by the FTX Digital Markets JPLs via PwC at a range of $185 to $214 million. 

According to documents filed on Monday, the former crypto giant, which is now at the center of a massive financial scandal, has $7 billion in assets, including $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).

To date, nearly $2.6 billion in cash has been secured since FTX filed for bankruptcy in November of last year and liquidation of its assets began, the filing also shows.

FTX was headquartered in The Bahamas, where Bankman-Fried was arrested in December 2022 and subsequently charged in connection with his management of the failed crypto exchange FTX, which suffered a liquidity crisis and subsequent bankruptcy.

Prosecutors allege that Bankman-Fried commingled customer funds and misled investors about the exchange’s risk management practices, leading to substantial losses for investors and customers.