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Research Crypto Three Things (11/22)

Crypto Three Things (11/22)

Nov 22, 2022

“The probability that we may fail in the struggle ought not to deter us from the support of a cause we believe to be just.” — Abraham Lincoln

1) Cash Balance of $1.24B Flickers at FTX:
Crypto group FTX, including a network of subsidiaries, has a total cash balance of $1.24B, the latest bankruptcy filings showed. Some of the largest portions were found at trading house Alameda Research and affiliates - a $401M cash pile. Documents showed that FTX’s Japan-based unit held $171.7M.

Titan’s Takeaway: As FTX’s swift slide into insolvency unravels, those figures will help put the firm’s finances into perspective. The bigger picture, so far, portrays an underwhelming liquidity profile, ways away from meeting debtors’ demands, which may be between $10B and $50B.

2) Genesis Warns of Bankruptcy: Digital asset lender and crypto veteran Genesis is in the midst of a hurried cash raise as the company teeters on the verge of bankruptcy. Five days after the group halted withdrawals at its lending unit, Genesis warned that it might go out of business if the fundraising efforts fail to bring in at least $1B. Executives at the firm have already reached out to crypto exchange Binance and private equity firm Apollo.

Titan’s Takeaway: A bankruptcy of Genesis, an intertwined crypto mainstay, threatens to set off industry-wide repercussions. The nine-year-old firm is the biggest crypto lending desk and the yield product for a host of CeFi platforms that give their money to Genesis in return for yields.

3) Huobi Restructuring Under Way: A month after Huobi founder Leon Li sold his controlling stake, the crypto exchange unveiled a rebranding initiative and a comprehensive global strategy. The company’s new owner set a goal to propel Huobi and its house coin, HT, into the upper echelon of the crypto space. For starters, the trading venue seeks to cement a presence in the Caribbean.

Titan’s Takeaway: Huobi’s revamped ambitions to get back in the limelight are now stifled by the current challenging market sentiment. While it’s commendable that the exchange handles about $300M daily trading volume, it’s no match for Binance’s ~$15B.


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