FTX Group has cash balance of $1.24 billion, new bankruptcy filing shows

Quick Take

  • FTX Group has a combined cash balance of $1.24 billion, a new bankruptcy filing shows.
  • That’s far below the $3.1 billion FTX Group owes its top 50 creditors.

FTX Group, which filed for Chapter 11 bankruptcy protection on Nov. 11, has a combined cash balance of $1.24 billion, according to a new court filing.

The filing, submitted late Monday by FTX Group's proposed financial advisor Alvarez & Marsal North America LLC, shows an updated summary of the group's cash balances as of Nov. 20. The latest figures are "substantially higher cash balances than the Debtors were in a position to substantiate as of Wednesday, Nov. 16," it reads.

The cash balances are divided among four silos — the Alameda silo, dotcom silo, ventures silo and West Realm Shires (WRS) silo — and include amounts of both their debtor and no-debtor entities. About $751 million is held in debtor entities and the rest, $488 million, is in non-debtor entities, per the filing.

The cash balances are far below the $3.1 billion FTX Group owes its top 50 creditors. The group may have more than a million total creditors, a previous court filing indicated. A Financial Times report recently said that FTX had only $900 million in liquid assets against $8.9 billion in liabilities on the eve of bankruptcy.

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FTX Group collapsed amid a sudden liquidity crisis. The crypto exchange operator reportedly tapped customer assets to fund risky bet