PEOPLE

Messari Analyst: FTX users may be able to retrieve 40% to 50% of their assets, Robinhood stocks not included.

share
Messari Analyst: FTX users may be able to retrieve 40% to 50% of their assets, Robinhood stocks not included.

Messari analyst examines FTX's financial statements and believes that depositors may still have a chance to recover forty to fifty percent. Warning: This is a personal inference and should not be fully relied upon.

FTX Depositors May Retrieve 40-50% of Funds

After reviewing FTX's financial report, Messari analyst Kunal Goel stated that if there are no missing data, FTX depositors may be able to retrieve around 40-50% of their funds.

Messari's calculation appears to assume that assets of varying liquidity levels can all be converted at market value. After deducting liquidation fees, the net asset value can be obtained; then, the ratio of total assets to net assets to deposit liabilities is used to infer that users may be able to recover 39%-49% of their assets.

Note: Deposit liabilities may involve a loss of funds event.

FTX Does Not Include Robinhood Stocks

Messari analyzes that liquid assets amount to about 600 million. They believe that although FTX holds stocks of the U.S. listed company Robinhood, they have not been included in the bankruptcy filing. Messari analysts believe there is a 50% chance they can be included and be treated as liquidation assets, which would amount to an additional $201 million.

FTT and SRM Positions Should Be Zeroed Out

However, illiquid assets in the net asset value may not be retrieved in full. Tokens under the FTX system, FTT and SRM, with reported values of $21.88 billion SRM and $5.54 billion FTT, may both be zeroed out. Therefore, the recoverable assets mentioned above are likely to be less than 39%-49%.