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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Those properties were purchased outright, not rentals, leaving the question unanswered as to what happens with that property when it was for a company that is effectively shutting down. FTX and a cluster of linked entities have also recently filed for bankruptcy protections, making outstanding assets a critical point of contention for users who have been locked out of their funds. Those include FTX employees, who the firm reportedly pressured to keep their savings on the exchange.

Two days ago, the Securities Commission of The Bahamas froze FTX Digital Market's assets and appointed a liquidator. 

Current FTX leadership could not be reached for comment. Representatives for Albany Bahamas had not returned a request for comment as of publication time.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Kollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC. That includes legislation and regulation, securities law and money laundering, cyber warfare, corruption, CBDCs, and blockchain’s role in the developing world. He speaks Russian and Arabic. You can send him leads at [email protected].
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].


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