FTX Debtors Release Estimated Values for Cryptocurrency Claims, Bitcoin Priced at $16,871 per Coin
FTX Trading Ltd. affiliated debtors have submitted a motion for the entry of an order estimating the value of claims related to digital assets and fiat currency, including customer entitlement claims.
In a filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, the FTX debtors proposed estimating the value of various digital assets based on their prices at the time of the petition date, which was November 11, 2022.
The proposal by FTX debtors to estimate the value of digital assets listed prices for approximately 500 assets in fiat and cryptocurrency, based on those at the time of FTX’s bankruptcy filing.
The proposed values include Bitcoin at $16,871, Ethereum at $1,258, Solana (SOL) at $16, Avalanche (AVAX) at $14.19, and stablecoins like USDT, TUSD, and BUSD at values slightly less than their usual $1 peg. Notably, the proposal excluded an estimated FTX Token (FTT) price; however, it included prices for leveraged tokens, tokenized stocks, spot derivatives, and crypto futures.
The debtors argued that their valuations represent a “fair and reasonable” value of these digital assets as of the specified petition date. The court will need to review and approve these valuations as part of FTX’s bankruptcy proceedings.
Given the unique nature of these Chapter 11 cases, where millions of claims are based on digital assets, the debtors propose a Digital Assets Conversion Table to streamline the process and avoid unnecessary delays. This table estimates the value of each digital asset on which claims are based as of the petition date.
The court is expected to have broad discretion in choosing the best-suited method to estimate the valuation of claims based on digital assets, and the debtors used
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