FTX Holds 16% of Solana’s Market Cap
A recent court filing revealed that FTX, a major cryptocurrency exchange, holds a significant portion of Solana’s market cap. As of September 11, 2023, FTX’s stake in Solana (SOL) amounts to 16% of its total market cap, which is equivalent to $1.16 billion. This makes SOL the dominant asset in FTX’s diverse crypto portfolio.
In addition to Solana, FTX also holds other prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), APT, USDT, XRP, BIT, STG, WBTC, and WETH. The exchange’s total crypto holdings are valued at $3.4 billion. FTX also has significant investments in securities, with $417 million held in the Grayscale Bitcoin Trust (GBTC) and a modest $0.1 million in Blackrock equity.
Furthermore, FTX has a venture collection comprising 438 investments worth $4.5 billion, including a stake in Anthropic, an AI chatbot company. It is important to note that FTX also owns over 1,000 illiquid crypto assets that may not reach their full potential value.
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