The Real Ownership Structure Behind Sam Bankman-Fried and FTX Trading Ltd.

Sam Bankman-Fried direct holdings, including FTX Trading Ltd.
Sam Bankman-Fried direct holdings, including FTX Trading Ltd.

The FTX Trading Bankruptcy Filing

FTX Trading Ltd filed for Chapter 11 bankruptcy protection on Friday, November 11, 2022 (Case 22-11068). FTX Trading Ltd is ultimately controlled by Sam Bankman-Fried.

The bankruptcy filing identifies 134 legal entities (affiliates or subsidiaries of FTX Trading Ltd) as part of the petition.

The bankruptcy filing includes an Omnibus Corporate Authority and a Corporate Ownership Statement. We ran all of the legal entities and ownership relationships in the filing through Lexchart to generate an company structure chart for Sam Bankman-Fried and FTX Trading Ltd.

Sam Bankman-Fried Direct Ownership

The filing refers to the "Top Companies" which are directly controlled by Sam Bankman-Fried, "as controlling owner, director, officer, manager or other authorized person":

  • West Realm Shires Inc.,
  • Paper Bird Inc.,
  • Hilltop Technology Services LLC,
  • Cedar Grove Technologies Services, Ltd.,
  • FTX Trading Ltd,
  • Alameda Research LLC and
  • Clifton Bay Investments LLC.

This company structure chart shows that Bankman-Fried's control of FTX Trading Ltd comes from Paper Bird, Inc.'s 75% ownership in FTX Trading Ltd.

FTX Group Company Structure

The bankruptcy filing refers to the "FTX Group" which includes the Top Companies all directly or indirectly owned subsidiaries.

The following company structure chart shows the entire FTX Group, Sam Bankman-Fried, and "third party investors":

Exchange 4Free South Africa Br. FTX US Derivatives LLC Alameda Research KK FTX Structured Products AG FTX Japan Holdings K.K. FTX Hong Kong Ltd Tigetwit Ltd Euclid Way Ltd FTX Certificates GmbH West Realm Shires Financial Services Inc. FTX Japan K.K. BT Payment Services South Africa Global Compass Dynamics Ltd. BT Pesa Nigeria Ltd. Goodman Investments Ltd. LedgerPrime Ventures, LP North Dimension Inc Exchange 4Free Swiss Branch Altalix Ltd FTX TURKEY TEKNOLOJİ VE TİCARET ANONİM ŞİRKET LT Baskets Ltd. BitPesa Kenya Ltd. B Transfer Services Uganda Blockfolio, Inc. K-DNA Financial Services Ltd Clifton Bay Investments LLC LedgerPrime Bitcoin Yield Enhancement Fund, LLC FTX Ventures Ltd SNG INVESTMENTS YATIRIM VE DANIŞMANLIK ANONİM ŞİRKETİ Technology Services Bahamas Limited BitPesa RDC SARL Quoine Pte Ltd Ledger Prime LLC LedgerPrime Digital Asset Opportunities Master Fund LP FTX Crypto Services Ltd. FTX Marketplace, Inc. FTX EMEA Ltd. Analisya Pte Ltd FTX Trading Ltd Alameda Research (Bahamas) Ltd Deck Technologies Inc. B Payment Services Nigeria BTLS Limited Tanzania B for Transfer Egypt West Realm Shires Inc. FTX Canada Inc FTX Digital Assets LLC North Dimension Ltd FTX Ventures Partnership FTX Exchange FZE Allston Way Ltd FTX Property Holdings Ltd BT Payments Uganda Exchange 4 Free Seychellen Exchange 4Free Ltd. Deck Technologies Holdings LLC North Wireless Dimension Inc FTX Lend Inc. Alameda TR Systems S. de R. L. Zubr Exchange Ltd Exchange 4Free Australia Br. Crypto Bahamas LLC Deep Creek Ltd BitPesa South Africa West Innovative Barista Ltd. Quoine Vietnam Co. Ltd Finfax Company Alameda Research Yankari Ltd FTX US Services, Inc. FTX US Trading, Inc FTX Services Solutions Ltd. FTX Trading GmbH Ledger Holdings Inc. FTX Equity Record Holdings Ltd FTX Zuma Ltd GG Trading Terminal Ltd Blockfolio Holdings, Inc. Cottonwood Grove Ltd West Realm Shires Services Inc. BitPesa Uganda Ltd. DAAG Trading, DMCC Maclaurin Investments Ltd. Innovatia Ltd Third party investors Quoine India Pte Ltd FTX Digital Holdings (Singapore) Pte Ltd B Transfer Services Ltd. UAE FTX Products (Singapore) Pte Ltd LedgerPrime Bitcoin Yield Enhancement Master Fund LP Hannam Group Inc Samuel Bankman-Fried Bitvo, Inc. Mangrove Cay Ltd LiquidEX LLC Blue Ridge Ltd Hilltop Technology Services LLC Strategy Ark Collective Ltd. BitPesa Senegal Ltd. FTX Japan Services KK Cottonwood Technologies Ltd. TransferZero Killarney Lake Investments Ltd Alameda Research Ltd Alameda Global Services Ltd. FTX Europe AG FTX (Gibraltar) Ltd Hawaii Digital Assets Inc. Clifton Bay Investments Ltd B Transfer Services Ltd Liquid Securities Singapore Pte Ltd Alameda Aus Pty Ltd Western Concord Enterprises Ltd. Verdant Canyon Capital LLC Alameda Research LLC Cedar Grove Technology Services, Ltd Island Bay Ventures Inc Alameda Research Pte Ltd Alameda Research Holdings Inc. Corner Stone Staffing Paper Bird Inc BT Payment Services Ghana Equity percents do not total 100% Atlantis Technology Ltd. FTX Switzerland GmbH LedgerPrime Digital Asset Opportunities Fund, LLC BitPesa Tanzania Ltd. Alameda TR Ltd Bancroft Way Ltd Cardinal Ventures Ltd Liquid Financial USA Inc. CM-Equity AG Hive Empire Trading Pty Ltd BTC Africa S.A. Cedar Bay Ltd Digital Custody Inc. FTX Vault Trust Company Good Luck Games, LLC Pioneer Street Inc. Equity 70% Equity 10% No disclosed ownership in bankruptcy filing. Based on Voluntary Petition for Non- Individuals Filing for Bankruptcy for FTX Trading Ltd, Case 22-11068 Doc 1 Filed 11/11/22

The press release from FTX on Twitter says that the following entities are excluded from the bankruptcy filing:

  • LedgerX LIC,
  • FTX Digital Markets Ltd.,
  • FTX Australia Pty Ltd. and
  • FTX Express Pay Ltd.

Sources and Techniques

These charts rely on the bankruptcy filing below.

The filing was made in the United States Bankruptcy Court, District of Delaware. The related case numbers and legal entities are listed on the recent Chapter 11 filings for the court.

These charts were generated automatically with Lexchart.

In a subsequent article, we will identify some anomalies in the bankruptcy filing.

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