FTX spent $74 million on real estate in the Bahamas this year: Exclusive

Quick Take

  • FTX spent the past year buying up residential property around its headquarters in the Bahamas.
  • FTX is known for its unique communal setup on the Caribbean island, where teammates work and live side by side.
Now-bankrupt crypto exchange FTX Group went on a real estate splurge this year, according to government documents obtained by The Block and confirmed by two former FTX employees. 

In total, the documents find that FTX Property Holdings spent $74,230,193 on property in the Bahamas over 2022. The bulk of that money, $67,440,193.99, went to entities surrounding Albany Bahamas, a luxury condo resort in New Providence.

The document, moreover, notes "one purchase of a condominium at One Cable Beach for 2 million made by Sam Bankman-Fried directly in late 2021." For reference, the Bahamian dollar is pegged to and maintains parity with the U.S. dollar. One Cable Beach is another beachside luxury condominium complex.

FTX is known for its unique communal setup in the Bahamas, where teammates at the firm and other companies with ties to FTX work and live side by side. The Caribbean luxury oasis is striking, considering Bankman-Fried’s commitment to effective altruism and much-promoted indifference to the trappings of wealth.

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