Sam Bankman-Fried’s enterprise empire contains billions of {dollars} of illiquid enterprise capital investments, in line with inside data seen by the Monetary Occasions, together with publicity to Elon Musk’s SpaceX and Boring Firm.

The extent of the fallen crypto mogul’s personal belongings underscore the unsure restoration going through prospects of his collapsed FTX change.

The 30-year-old entrepreneur, as soon as a star of the crypto trade, on Friday positioned FTX worldwide, its unbiased US arm, and his proprietary buying and selling agency Alameda Analysis right into a joint chapter course of in Delaware federal courtroom.

Preliminary filings listed each belongings and liabilities of the group at between $10bn and $50bn. FTX’s new chief government John Ray, who was introduced in to chair Enron throughout its liquidation, mentioned the businesses had “precious belongings” and that the chapter would maximise recoveries.

The sprawling enterprise capital portfolio will add to the complexity of the insolvency proceedings, which itself contains greater than 130 corporations managed by Bankman-Fried. FTX’s collapse is among the many most dramatic failures within the crypto trade not simply this 12 months, however for the reason that creation of bitcoin greater than a decade in the past.

FTX and its associates haven’t but disclosed the precise measurement of their liabilities and belongings, and the shortfall that probably exists. FTX’s just lately departed head of institutional gross sales, Zane Tackett, mentioned on Twitter on Friday that the shortfall bumped into billions of {dollars}. FTX didn’t instantly reply to a request for remark.

Any hole between belongings and liabilities can be influenced by the worth that may be recovered from $5.4bn that FTX and Alameda invested in nearly 500 crypto corporations and enterprise capital funds, in line with the data seen by the FT.

The biggest of these investments is $1.15bn that Alameda ploughed into crypto mining group Genesis Digital Property between August 2021 and April 2022, the data present.

Publicly traded mining corporations have offered off sharply over the previous 12 months because the crypto market has declined. The HashRate crypto mining index, which tracks such shares, is down 75 per cent since August 2021.

Genesis mentioned that regardless of market situations it “stays worthwhile, debt free, and our growth plans to proceed”. It added it was indirectly affected by FTX and Alameda’s collapse.

The data additionally listing greater than $1bn invested throughout about 40 funds run by enterprise capital corporations, together with some that had been buyers in FTX akin to Sequoia Capital. These holdings embody a $300mn funding by Alameda in K5 World, the agency run by Michael Kives. The funding quantities to 30 per cent of K5’s normal partnership, and $225mn of the entire sits in Elon Musk’s SpaceX and Boring Firm, and different unidentified companies, in line with the data. Musk has been contacted for remark.

Earlier this 12 months, texts launched throughout Musk’s litigation with Twitter confirmed Kives suggesting Bankman-Fried as a co-investor within the social media firm. Musk was dismissive of the FTX founder and in the end took cash from the pinnacle of rival change Binance, Changpeng Zhao.

Different massive bets detailed within the data embody a $500mn funding in Anthropic, a man-made intelligence “security and analysis firm”, made by Bankman-Fried by means of Alameda earlier this 12 months. Anthropic declined to remark.



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