With over 40 cryptocurrencies in its portfolio including Solana (SOL), Uniswap (UNI), 1inch (1INCH), Alameda Research is selling $200 million worth of stablecoins. Here are the details…
Alameda sells $200 million worth of stablecoins
Reports revealed that FTX’s sister company, Alameda Research, sold $284 million worth of stablecoins to crypto exchanges between October 31 and November 2. The market maker sold $168 million worth of USDT to FTX. It sold 66 million USDP to Binance and 50 million USDC to Circle. The big exits precede the Federal Open Market Committee (FOMC) meeting. cryptocoin.com As we have also reported, as a result of the FOMC meeting, interest rates increased by 0.75 basis points.
FTX’s (FTT) token makes up the majority of Alameda Research’s crypto assets. According to the report, Alameda owns roughly $5.82 billion worth of FTT tokens. The trading firm has $3.66 billion in “unlocked FTT” and $2.16 billion in “FTT collateral.” The firm also has $292 million “locked FTT” among its $8 billion liabilities.
The report stated that Alameda also owns a significant amount of Solana (SOL) tokens. The crypto trading firm has $292 million in “unlocked SOL”, $863 million in “locked SOL” and $41 million in “SOL collateral”. Meanwhile, Alameda explained in its statement that the values of locked tokens should be treated “conservatively by 50 percent of the fair value in the FTX/USD order book.” So according to this explanation, the value of the coins could be much lower.
40 cryptocurrencies in portfolio including Solana
Alameda Research holds many cryptocurrencies in its portfolio as it is defined as a liquidity provider. In addition, the company, which manages over $1 billion in assets, invests in many projects. Alameda performs its market maker role in many exchanges. Although the value of the cryptocurrencies held by the company changes from time to time, according to the latest information provided by Messari, the following cryptocurrencies are in the company’s portfolio:
ETH, BNB, SOL, SRM, TOMO, DODO, UNI, AAVE, FTT, LEO, YFI, OKB, CRV, PERP, SXP, REN, 1INCH, ALPHA, LINA, BAL, HXRO, RAMP, COMP, HT, SUSHI, SNX, AMPL, AMPL, PICKLE, OPIUM, HGET, LINA CREAM, AKRO, ROOK, FRONT, BAO, APY, DHT, MTA
Some claims have been made for Alameda
Meanwhile, various allegations have surfaced to Alameda Research about the above cryptocurrencies that appeared to be selling. Many people point out that most of the trading firm’s assets are illiquid, noting specifically the locked coins. In particular, the fact that most of these assets are in FTT makes the situation worse. Because this may indicate that the company was built on “shaky ground”.
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