FTX's SpaceX exposure could be worth billions of dollars

Odaily Odaily Planet Daily reports that after SpaceX's listing, its market capitalization has risen to over $2.52 trillion. Creditors of the bankrupt crypto exchange FTX are focusing on whether its related exposure will increase the recovery of the bankruptcy estate. Before its collapse in 2022, FTX indirectly held an investment in SpaceX through the venture capital firm K5 Global. FTX recovery trust CEO John J. Ray III reached a settlement with K5 Global in January last year, with both parties agreeing to cooperate to maximize recoveries for FTX stakeholders. Bankruptcy filings show that Alameda Research transferred significant funds to entities affiliated with K5, and a fund under K5 invested $190 million in SpaceX before the collapse of FTX. Creditor representative Kyle Schmidt previously estimated that customers with claims exceeding $50,000 could ultimately receive a distribution equivalent to 171% of their claim amount. FTX has distributed $10.3 billion to customers. FTX creditor Sunil Kavuri stated that based on SpaceX's current market capitalization, FTX's exposure to SpaceX could be worth tens of billions of dollars. (Decrypt)