Market rally pumps bankrupt stocks of crypto firms
The recent rally in the crypto market has pumped the crypto holdings of several bankrupt crypto firms over the past 24 hours, according to the Arkham Intelligence dashboard.
Over the past 24 hours, flagship digital assets such as Bitcoin (BTC) and Ethereum (ETH) have risen by more than 7% respectively. The global crypto market capitalization also rose above $1 trillion during the reporting period, according to CryptoSlate’s data.
FTX’s stake increases by USD 63 million
Bankrupt crypto exchange FTX’s crypto portfolio rose by approximately $63 million. Apart from Euler’s Finance EUL token and Unus Sed Leo’s native token, other digital assets in the exchange’s portfolio registered gains.
FTX management has consolidated the bankrupt’s fixed assets from various sources in the chain into the wallet.
According to the dashboard, FTX’s FTT was responsible for much of the gain. The token rose 5.64% in the last 24 hours, adding $24.25 million to the bankrupt firm’s portfolio.
Other assets such as the controversial USD Coin (USDC) stablecoin added $3.60 million to their holdings. ETH holdings grew by $3.78 million, while Polygon’s MATIC holdings increased by $3.55 million.
Its obscure altcoin holdings, such as BOBA, added more than $1.6 million to the firm’s overall portfolio.
On the other hand, a wallet linked to its sister company, Alameda Research, won $21.19 million, mainly from BitDAO (BIT), USDC and ETH holdings.
Celsius, Voyager inventory increases by over $50 million each
A look at the crypto holdings of other bankrupt crypto lending firms like Celsius Network and Voyager showed that they also benefited from the pump.
A wallet connected to the Celsius Network increased by $133.15 million to over $1 trillion. The bankrupt lending gains came mostly from Ethereum (stETH) holdings, which rose by $82.36 million. The Celsius token (CEL) added $29.32 million, while ETH holdings increased by roughly $10 million.
Apart from that, its other assets, USDC, Chainlink (LINK), Wrapped Ethereum (wETH), etc., have recorded over a million gains.
Meanwhile, the dashboard shows Voyager Digital’s assets increased by $50.65 million. The bankrupt firm had liquidated its assets to USDC and had previously recorded a loss of around $45 million, Arkham Intelligence tweeted on March 11.
But as the stablecoin regains its tether alongside the broader market rally, USDC holdings grew $26.88 million while Ethereum and Shiba Inu (SHIB) holdings rose $15.05 million and $3.30 respectively.
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