FTX, a once prominent cryptocurrency exchange, held a diverse portfolio of digital assets before its downfall. It is seeking regulatory approval to liquidate $3.4 billion in crypto assets. Here are FTX’s top 10 digital asset holdings in its bankruptcy estate.
What are FTX’s Largest Holdings?
FTX’s largest holding is Solana (SOL), with approximately 55.8 million SOL, valued at $1,162.0 million. FTX is one of SOL’s largest holders, holding up to 10.0% of SOL’s total supply. Bitcoin (BTC) follows closely, where FTX holds around 20.5k BTC, equivalent to $560.0 million. However, this constitutes a small portion of BTC's circulating supply, at just 0.1%.
Ethereum (ETH) secures the third position in FTX’s holdings, with approximately 112.6k ETH amounting to $192.0 million, representing 0.09% of ETH’s circulating supply.
SOL, BTC, and ETH collectively account for a substantial 56.3% ($1.9 billion) of FTX’s vast portfolio of $3.4 billion in cryptocurrency assets. FTX’s holdings also include Aptos (APT), Tether (USDT), Ripple (XRP), BIT (BITDAO), Stargate Finance (STG), Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH), collectively constituting 21.8% of their holdings. The remaining 21.9% of FTX’s portfolio comprises over 400 additional tokens.
FTX’s SOL Unlock Schedule
A large portion of FTX’s SOL holdings are subject to a structured vesting schedule. Despite their substantial holdings in SOL, it’s important to note that the majority of these holdings consist of vested tokens (42.2 million tokens), which are not immediately tradable on the market.
FTX’s SOL unlock schedule is as follows:
| Unlocks | # of SOL | Unlock Schedule | Tokens per Unlock |
| 1 | 12,000,000 | Sep 2021 - Sep 2027 (Linear monthly) | 142,857 |
| 2 | 32,524,833 | Jan 2022 - Jan 2028 (Linear monthly) | 451,734 |
| 3 | 7,500,000 | Mar 1, 2025 (Full Unlock) | 7,500,000 |
| 4 | 61,853 | May 17, 2025 (Full Unlock) | 61,853 |
Based on the vesting schedule, 618.4k SOL are unlocked every month. This monthly release represents approximately 1.1% of FTX’s total SOL holdings. However, it is worth highlighting that a massive unlock of 7.5 million SOL is set to occur on March 1, 2025, constituting a substantial 13.5% of FTX’s total SOL holdings.
BTC & ETH Account For 22.1% of FTX’s Holdings
Bitcoin (BTC) and Ethereum (ETH) constitute a significant portion, accounting for 22.1% of FTX’s total holdings. However, BTC and ETH represent only about 0.10% of the circulating supply for their respective cryptocurrencies. In the event of a liquidation, the market should be able to absorb these holdings without significant impact.
Altcoins & Stablecoins: FTX Holds 23.7 Million APT
FTX holds $137.0 million of APT, making up 4.0% of its total holdings. These 23.7 million tokens comprise about 10.4% of the current APT circulating supply. However, it is important to highlight that the exact distribution between liquid and illiquid APT tokens is 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 comprise about 0.43% of the current XRP circulating supply, indicating a potentially lower market impact than 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 $120.0 million worth of USDT as of August 31, compromising 3.5% of their total holdings.
FTX Top 10 Holdings
FTX top 10 holdings, updated as of August 2023.
| Asset | Holdings ($M) | Tokens (M) | % of Circulating Supply |
| SOL | 1,162 | 55.756 | 13.65% |
| BTC | 560 | 0.021 | 0.11% |
| ETH | 192 | 0.113 | 0.09% |
| APT | 137 | 23.687 | 10.38% |
| USDT | 120 | 120.000 | 0.14% |
| XRP | 119 | 225.431 | 0.43% |
| BIT | 49 | 110.689 | - |
| STG | 46 | 83.842 | 41.03% |
| WBTC | 41 | 0.002 | - |
| WETH | 37 | 0.022 | - |
Methodology
This analysis analyzed the top 10 digital asset A holdings of FTX.com, FTX.US, and Alameda Digital Assets. Digital Asset A consists of top-market assets that meet liquidity thresholds. The top 10 Digital Asset A holdings are SOL, BTC, ETH, APT, USDT, XRP, BIT, STG, WBTC, and WETH. Data for this analysis is sourced from official court documents, with the price of each digital asset taken at the daily close of August 31 from CoinGecko. Solana tokenomics data is obtained from Solana Compass.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the top crypto ETF's and ETP's.
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