Companies with The Biggest Exposure to FTX

In light of the uncertain future of crypto exchange FTX, many top companies have clarified if they hold exposure to FTX, its native token FTT or Alameda Research on social media.

Here are companies with the biggest exposure to FTX

Sequoia Capital

A letter sent by Sequoia Capital to limited partners stated that the company had exposure to FTX of $213.5 million.

“Sequoia Capital’s exposure to FTX is limited. We own and FTX US in one private fund, Global Growth Fund lll. FTX is not a top ten position in the fund, and our $150 million cost basis accounts for less than 3% of the committed capital of the fund,” according to the letter.

Galaxy Digital

As of the end of the third quarter, Galaxy Digital has an exposure to FTX of $76.8 million, of which $47.5 million is under withdrawal.

Losses were attributed to “reduced valuations on certain investments due to external market conditions,” and to higher operating expenses for its mining business as a result of impairments.

Read More: Crypto Leaders Blame Lack Of Clarity Of US Regulations for FTX Incident

CEO Kris Marszalek tweets that’s exposure to FTX is “immaterial,” as less than $10m of the company’s capital is held on the exchange for customer trading.

“With regard to today’s market events, we have managed our lending book and have no material net credit exposure. In addition, Genesis has no exposure to any tokens issued by centralized exchanges. We continue to meet the needs of our clients around the world across all products,” he said on Twitter.

Amber Group

Amber Group said in a Twitter update that it is not exposed to Alameda or FTX’s native token FTT, but does have less than 10% of its trading funds on FTX. This does not affect its liquidity or operations.

“We have no exposure to Alameda or $FTT. But similar to most trading firms, we have been an active trading participant on FTX. While we have significantly reduced our exposure over the course of the week, we still have withdrawals that have yet to be processed,” Amber Group tweeted

Read More: Binance CEO CZ: We Did Not Masterplan Downfall of FTX 

Multicoin Capital

According to a letter obtained by The Block, Multicoin Capital, one of the top crypto-focused venture capital firms, has been significantly affected by the collapse of crypto exchange FTX.

According to Multicoin Capital managing partners Kyle Samani and Tushar Jain’s letter to Master Fund partners on Tuesday, about 10% of AUM remains pending withdrawals on the company’s FTX exchange.

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Jamilatul Mahmudah

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