The collapse of FTX sent shockwaves across the cryptocurrency world, but the aftermath has revealed a complex and strategically layered portfolio of digital assets. As the exchange navigates bankruptcy proceedings and seeks regulatory approval to liquidate over $3.4 billion in crypto holdings, investors and market analysts are closely watching what exactly FTX owns—and how its asset distribution could influence the broader market.
A recent in-depth report by CoinGecko has pulled back the curtain on FTX’s top 10 digital asset holdings, offering a rare glimpse into one of the most scrutinized crypto portfolios in history. From dominant positions in major blockchains to significant stakes in niche altcoins, FTX’s asset mix tells a story of both strategic investment and inherited obligations.
The Big Three: Solana, Bitcoin, and Ethereum
At the heart of FTX’s portfolio lies a powerful trio: Solana (SOL), Bitcoin (BTC), and Ethereum (ETH). Together, these three assets make up 56.3% of FTX’s total holdings, valued at approximately $1.779 billion at the time of analysis.
1. Solana (SOL) – The Crown Jewel
Topping the list is Solana (SOL), with FTX holding around 55.8 million SOL, valued at $1.05 billion. This massive stake represents roughly 10% of Solana’s total token supply, making FTX one of the largest known holders of SOL.
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This concentration raises important questions about market stability, especially given Solana’s history of volatility and network congestion. However, not all of these tokens are immediately available for sale—many are locked under a vesting schedule, which we’ll explore in detail later.
2. Bitcoin (BTC) – The Reserve Asset
Coming in second is Bitcoin (BTC), the original cryptocurrency and digital gold. FTX holds approximately 20,500 BTC, worth about $540.8 million at current prices. While this is a substantial sum, it represents only 0.1% of Bitcoin’s circulating supply, meaning any potential liquidation would likely be absorbed by the deep and liquid BTC market without causing major price disruptions.
Bitcoin’s role here appears to be more conservative—serving as a store of value rather than a speculative bet.
3. Ethereum (ETH) – The Smart Contract Leader
Rounding out the top three is Ethereum (ETH), with 112,600 ETH held by FTX, valued at $182.3 million. This amount accounts for just 0.09% of Ethereum’s circulating supply, again indicating that while significant in dollar terms, the relative market impact would be minimal if sold gradually.
Ethereum’s position reflects its foundational role in decentralized finance (DeFi) and smart contract ecosystems—sectors FTX was deeply involved in before its collapse.
Beyond the Giants: Altcoins and Stablecoins
While BTC, ETH, and SOL dominate the portfolio, FTX’s holdings extend far beyond the usual suspects. The remaining top 10 assets include a mix of high-potential altcoins and stablecoins, accounting for another 21.8% of total holdings.
Key Altcoin Positions
- Aptos (APT): FTX holds 23.7 million APT, worth $137 million (4% of portfolio). This represents about 10.4% of APT’s circulating supply, signaling a deep involvement in the layer-1 blockchain project.
- Stargate Finance (STG): With 83.8 million STG tokens valued at $46 million, FTX owns a staggering 41% of STG’s current supply—a highly concentrated position that could significantly affect the token’s price if liquidated.
- Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH): These tokenized versions of BTC and ETH are used across DeFi platforms. Their inclusion suggests FTX maintained exposure to yield-generating protocols even during its decline.
Stablecoin Exposure
Stablecoins play a crucial role in liquidity management, and FTX is no exception:
- Tether (USDT): The exchange holds $120 million in USDT, or 3.5% of its total portfolio, providing a buffer for potential fiat conversions or trading operations.
- While not as flashy as volatile altcoins, stablecoin holdings indicate a pragmatic approach to managing cash flow during restructuring.
The Long Tail: 400+ Additional Tokens
Beyond the top 10, FTX’s portfolio becomes even more complex. It includes over 400 additional tokens, collectively making up 21.9% of its holdings. These range from obscure memecoins to early-stage DeFi tokens—many likely acquired through partnerships, investments, or user deposits.
This long-tail diversification increases administrative complexity for liquidators but also presents opportunities for value recovery through targeted sales or strategic swaps.
BTC & ETH Combined: 22.1% of Total Holdings
Bitcoin and Ethereum together account for 22.1% of FTX’s total portfolio value. Despite their high dollar value, their relatively small share of each network’s circulating supply means large-scale dumping would not crash the markets—assuming sales are spread over time.
Regulators and market participants alike are monitoring this closely, as orderly liquidation is essential to maintaining confidence in the crypto ecosystem.
FTX’s SOL Unlock Schedule: A Market-Sized Event
One of the most critical aspects of FTX’s holdings is the SOL vesting schedule. While 55.8 million SOL are on record, only a portion is freely tradable.
- Monthly Unlock: Approximately 618,400 SOL (~1.1%) are released monthly.
- Major Unlock on March 1, 2025: A massive 7.5 million SOL (~13.5% of FTX’s total SOL) will unlock on this date.
This single event could flood the market with new supply unless carefully managed through staggered sales or private placements. Given Solana’s price sensitivity to large trades, this date is already on traders’ radar.
FAQ: Understanding FTX’s Holdings and Implications
Q: Why does FTX still hold so many cryptocurrencies after its collapse?
A: During bankruptcy proceedings, assets are preserved until courts approve liquidation plans. These holdings include user funds, corporate treasury assets, and investments made by FTX or affiliated entities.
Q: Could selling FTX’s crypto holdings crash the market?
A: For most assets—especially BTC and ETH—their shares of circulating supply are too small to cause systemic shocks if sold gradually. However, concentrated tokens like STG or APT may experience price pressure if sold rapidly.
Q: What happens to the money from asset sales?
A: Proceeds go toward repaying creditors and users who lost funds during the exchange’s collapse, under court supervision.
Q: Is Solana at risk due to FTX’s large stake?
A: Yes—particularly around the March 2025 unlock. However, regulators and Solana Foundation may coordinate with liquidators to minimize disruption.
Q: Are there privacy concerns with public disclosure of these holdings?
A: Transparency is required in bankruptcy cases to ensure fair distribution. Public reporting helps maintain accountability and trust in the recovery process.
Q: How long will it take to liquidate all assets?
A: Full liquidation could take years due to legal approvals, market conditions, and logistical challenges—especially with hundreds of smaller tokens involved.
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Final Thoughts: A Portfolio That Shapes Markets
FTX’s asset portfolio is more than just a balance sheet—it's a mirror reflecting past ambitions, technological bets, and systemic risks within the crypto industry. While Solana remains its most valuable holding, the true story lies in how these assets are managed going forward.
From structured unlock schedules to concentrated altcoin stakes, every decision around liquidation will ripple across markets. For investors, staying informed isn’t optional—it's essential.
As regulatory oversight tightens and transparency becomes standard in crypto bankruptcies, FTX’s case may set precedents for how digital asset estates are handled in the future.
Core Keywords: FTX holdings, Solana SOL, crypto liquidation, Bitcoin BTC, Ethereum ETH, token unlock, altcoin portfolio, bankruptcy estate