The FT exposed the FTX portfolio: more than 500 illiquid assets totalling more than $5.4 billion

22-12-07 13:20
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Original title: Revealed: the Alameda venture capital portfolio
Kadhim Shubber and Bryce Elder in the Financial Times
Guo Qianwen, ChainCatcher


In addition to running a trading platform that doesn't convert cryptocurrencies and owning a hedge fund that doesn't hedge, SBF also owns a venture capital fund that doesn't risk its own capital.


More than any other part of the FTX Group, the venture capital department can provide information to help people understand where the money is going. Here is where the money is going.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


The screenshot above and all below are taken from an Excel sheet in early November, when SBF sought rescue funds amid a run on FTX customer deposits. The document shows that Alameda Research's private equity portfolio, mixed with some FTX money, was used as collateral to try to secure new credit lines for the stricken group, according to a person familiar with the rescue efforts.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


This diversified portfolio of nearly 500 illiquid investments is divided into 10 holding companies. The spreadsheet puts the total investment value at more than $5.4 billion.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


The portfolio, which acts as a pillar to enable FTX to recover as much as possible in a failure, could shed light on whether the group's trading and trading platform businesses were separated as claimed. SBF admitted in an interview with the Financial Times that he was involved in Alameda's venture capital activities but has so far sidestepped questions about the misuse of FTX client funds.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


On the spreadsheet, the lines between SBF companies are blurred. Two of Alameda's biggest holding companies, cryptocurrency miner Genesis and artificial intelligence research group Anthropic, were also listed in FTAV's draft FTX balance sheet released last month. (Semafor later reported that FTX had seized some of Alameda's assets after margin calls.)


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


As previously reported, the portfolio includes stakes in FTX backer Sequoia Capital and Anthony Scaramucci's SkyBridge Capital, And by investing in K5's Elon Musk's SpaceX and Boring Company projects.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


Cryptocurrency and DeFi projects make up the majority of Alameda's remaining investments. But the list also includes a number of start-up video game studios and betting platforms, online banks, publishers, a fertility clinic, a military drone maker and a vertical farming company.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


Some of the entries did not have a clear link to an active business, suggesting they may have been misspelled or mislabeled. Here, FT Alphaville has excluded entries that do not give the type of investment, meaning it has removed about a dozen names, and its stated investments total about $100m. All other data is presented to potential FTX investors. FT makes no representations as to the accuracy or completeness of the data.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


When asked why FTX had used client funds to prop up Alameda, SBF repeatedly pleaded ignorance. The former FTX chief executive said he chose not to be involved in Alameda's trading and risk management to avoid conflicts of interest, so he was not fully aware of its woes before last month.


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


However, the SBF told the Financial Times that in early summer he had taken part in conversations that discussed Alameda's financial health and borrowing. He added that the venture capital investments made by Alameda were "in fact, some of them margin".


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


Alameda's spreadsheet leak, which predates SBF's current media blitz by a month, carries a cautionary note because it may be a selective presentation of some content that is not reliable. As the FT's Joshua Oliver reports:


"SBF tried to explain what had gone wrong, but his explanation was full of cautionary notes and repeated references to memories he could not remember. He mentioned a lack of" confidence "in his answers at least a dozen times and called other answers" fantasy "or" inferior answers. "At one point, he put his head in his hands and paused for half a minute."


《金融时报》曝光 FTX 投资组合:超过 500 项非流动性资产,总计超 54 亿美元


Caroline Ellison, Alameda's former chief executive and SBF's one-time love interest, could not be reached for comment.


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