Alameda Research, Sam Bankman-Fried’s trading firm, held $14.6 billion of assets as of June 30, according to a private document reviewed by CoinDesk.

Photo by Alexander Mils on Unsplash

The largest asset on the company’s balance sheet is “unlocked FTT” – the native token of FTX, Bankman-Fried’s crypto exchange. CoinDesk reported that Alameda holds $3.66 billion of unlocked FTT and $2.16 billion of FTT collateral.

Alameda holds another $3.37 billion in crypto assets, with $292 million in Solana’s token, SOL, and $863 million in “locked SOL”. Additionally, it holds $134 million in cash and $2 billion in corporate stocks.

The makeup of Alameda’s balance sheet was torn apart by the crypto community. “It’s fascinating to see that the majority of the net equity in the Alameda business is actually FTX’s own centrally controlled and printed-out-of-thin-air token,” said Cory Klippsten, CEO of investment platform Swan Bitcoin.

Dylan LeClair, a Bitcoin analyst, said that Alameda could be in financial trouble if its liabilities were denominated in US dollars, but it would be better if the loans were denominated in crypto assets. 

LeClair was concerned about that Alameda’s holdings of FTT far exceed the total current market capitalization of the FTT in public circulation. “99%+ of token is held by top 1% of addresses, of which the largest holder is a hedge fund, Alameda Research, [whose] VC arm recently merged with FTX,” he wrote.

Twitter user “degentrading” was also concerned. “Especially because they borrow crypto with FTT. The lenders are probably going to get f*cked on their mining exposure. If they call in their loans to restore liquidity, Alameda will be hit by that.”