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Bankrupt FTX estimated to be worth around $7 billion; Solana alone worth around $1.16 billion

  • FTX bankrupt estate is potentially valued at $7 billion, according to court filings from September 11.
  • The estate includes $1.16 billion worth of Solana tokens and another half a billion worth of Bitcoin (BTC).
  • Bankrupt exchange FTX’s holdings on the Solana blockchain has been causing FUD, leading to the recent SOL price crash.

FTX is once again making headlines a little less than a year since its collapse for the upcoming hearing. The Omnibus hearing will decide whether FTX can convert its assets into fiat to repay its creditors. Ahead of the hearing, though, the total value of the assets has come to light.

FTX assets' value might be enough to repay creditors

According to a court filing from September 11, the total value of assets arranged by the FTX estate came up to about $7 billion. This includes about $1.16 billion worth of Solana (SOL) tokens as well as over $500 million worth of Bitcoin (BTC). Additionally, the company holds multiple other crypto assets, the collective worth of which is more than $3.4 billion.

Furthermore, per the filing, the top FTX executives, including founder Sam Bankman-Fried and his inner circle members, hold assets, crypto and cash amounting to $2.2 billion. These funds were received by the members right before the crypto exchange announced its bankruptcy.

The funds are crucial in repaying creditors. The FTX debtors, led by the current Chief Executive Officer (CEO) John Ray, have been deliberating whether or not to relaunch the exchange and provide creditors with equity as repayment. The other option remains to reimburse them for the amount they are owed by selling off the assets, should they receive approval from the court this week.

Solana price crash FUD continues

For nearly two days now, the crypto market has been dealing with the Fear, Uncertainty and Doubt (FUD) surrounding Solana price. Earlier this week, it was revealed that FTX cold storage wallets held more than $1.5 billion worth of crypto assets on the Solana blockchain. This included $128 million worth of SOL as well. 

Naturally, the potential approval from the court concerning the Omnibus hearing triggered a wave of panic in the market as investors assumed the sudden dump might lead to a steep drop-off in price. Consequently, selling began, and SOL price slipped by 6% on September 10.

This FUD, however, was short-lived and did not impact the price too majorly. Over the past 48 hours, the "Ethereum killer" has only declined by a little over 10%. Some bearishness is expected over the next 48 hours as well since panic selling might occur following the hearing.

Investors might want to watch Solana price and whether it can sustain itself above the three-month-long support level at $14.28. Trading at $17.52, the altcoin is close to falling through the support line at $17.34, which might trigger a decline to $14.28.

SOL/USD 1-day chart

SOL/USD 1-day chart

Read more - Solana price crash and FTX hearing: A complete rundown


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Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

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