Alameda Research Crypto Portfolio: Key Holdings & Impact

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Alameda Research held a diverse crypto portfolio valued at over $276.16M, including BTC, ETH, STG, USDT and other digital assets. The firm used BTC and ETH for leverage, heavily backed Solana-based projects, and played a key role in DeFi liquidity. After its collapse, many holdings lost over 80% of their value, impacting the broader crypto market and leading to increased regulatory scrutiny.

Alameda Research was once a major force in the crypto industry, managing a diverse portfolio of digital assets that played a key role in shaping the market. From backing promising early-stage projects to securing allocations in high-profile tokens, its investments helped drive trends and trading activity across the crypto space. But after its collapse, many are left questioning what’s left of its holdings and how its investment choices influenced the broader market.

In this article, we take a closer look at Alameda Research’s crypto portfolio, its biggest bets, and the key takeaways traders can learn from its rise and fall.

Alameda Research’s crypto investments: an overview

Alameda Research, established in 2017 by Sam Bankman-Fried and Tara MacAulay, emerged as a significant player in cryptocurrency trading, renowned for its bold strategies and substantial liquidity reserves. At its zenith, the firm managed billions in crypto assets, engaging deeply with various DeFi, Layer-1, and infrastructure initiatives. Discover a full breakdown of Sam Bankman-Fried’s crypto portfolio, including his key investments, holdings, and trading strategies.

Evolution of Alameda’s crypto portfolio:

2017-2020. In its early years, Alameda Research concentrated on acquiring highly liquid cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH).
2021. The firm broadened its investments to include DeFi tokens, notably backing projects like Serum (SRM) and Raydium (RAY) within the Solana network.
2022. By this time, Alameda ventured into the burgeoning metaverse and gaming sectors, investing in tokens like Star Atlas (ATLAS) and Yield Guild Games (YGG).
2023. Following the collapse of FTX, Alameda Research filed for Chapter 11 bankruptcy in November 2022, leading to asset liquidations.

Breakdown of Alameda research’s cryptocurrency holdings

Although Alameda Research's crypto portfolio was diverse, certain tokens played a crucial role in its strategy.

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Alameda Research

Here’s a breakdown of its most notable holdings:

High-value assets: Bitcoin and Ethereum

At the top of the portfolio, Bitcoin (BTC) and Ethereum (ETH) serve as the cornerstone of Alameda Research’s holdings:

Bitcoin (BTC):

Holdings: Approximately 1,178 BTC;
Value: Around $113.17 million;
Role: As the leading cryptocurrency, Bitcoin is known for its store-of-value properties and market dominance. Alameda’s significant allocation in BTC indicates a strong belief in its long-term potential and stability, even in turbulent market conditions.

Ethereum (ETH):

Holdings: Approximately 20,781 ETH;
Value: Roughly $56.27 million;
Role: Ethereum, with its smart contract functionality and vibrant ecosystem, represents a crucial investment in the platform that powers decentralized finance (DeFi) and non-fungible tokens (NFTs). Alameda’s substantial ETH position underlines its confidence in Ethereum’s ongoing evolution and adoption.

Stablecoins: the bedrock of liquidity

Stablecoins play a critical role in reducing volatility and ensuring liquidity in the portfolio. Alameda Research holds a variety of stablecoin assets:

Tether (USDT):

Holdings: 21.477 million USDT;
Value: Approximately $21.48 million.

Aave V3 USDT (AUSDT):

Holdings: 19.938 million AUSDT;
Value: Nearly $19.94 million.

YUSD Stablecoin (YUSD):

Holdings: 11.729 million YUSD;
Value: About $11.59 million.

These stablecoin positions help ensure that Alameda Research can swiftly capitalize on market opportunities without the risk of significant price fluctuations. The combined allocation in stablecoins also acts as a buffer during market downturns, providing a stable foundation for the portfolio.

Promising altcoins and DeFi tokens

Alameda Research’s portfolio isn’t solely reliant on blue-chip assets; it also includes a selection of altcoins and tokens that offer exposure to emerging trends in the crypto ecosystem:

Stargate Finance (STG):

Holdings: 101.447 million STG;
Value: Around $27.06 million;
Insight: STG represents a bet on the growing DeFi infrastructure, particularly in cross-chain liquidity and decentralized transfers. Its inclusion reflects a strategy to diversify into areas with high growth potential.

FTX Token (FTT):

Holdings: 9.14 million FTT;
Value: Approximately $18.1 million;
Insight: Despite the controversies surrounding the FTX exchange, FTT remains an important asset in Alameda’s portfolio, likely representing strategic exposure to the broader trading ecosystem.

Boba Network (BOBA):

Holdings: 51.426 million BOBA;
Value: About $8.02 million;
Insight: Boba Network is a layer-2 scaling solution for Ethereum. Its presence in the portfolio signals Alameda’s interest in technologies that enhance blockchain scalability and efficiency.

This diversified strategy balances high-value assets like Bitcoin and Ethereum with stablecoins to mitigate volatility, while also investing in promising altcoins and DeFi tokens to capture potential growth opportunities.

Financial impact and market reactions

Alameda Research’s activities had significant effects on the crypto market:

Portfolio valuation

Portfolio valuation. At one point, Alameda Research's crypto holdings were worth more than $276.16M.
After the collapse. After the collapse, many of Alameda's assets lost over 80% of their value due to mandatory sell-offs and a major drop in investor trust.
Ripple effects. Numerous projects linked to Alameda, including Solana-based protocols, saw their market values plunge.
Impact on investors. Both individual and large-scale investors holding tokens backed by Alameda faced heavy losses as token prices dropped sharply.

Market influence

Alameda Research’s influence on the crypto market was deeper than just price manipulation — it reshaped how liquidity, leverage, and investor psychology played out. Here are some insights.

Leverage manipulation was their real superpower. Alameda didn’t just trade crypto; they manipulated the liquidity depth of major assets. Watch for thin order books before sudden price surges — this is often a sign of whales playing liquidity games. If you're trading, avoid getting trapped in artificially inflated price zones.
Market-neutral strategies were never really neutral. Alameda was known for arbitrage and market-making, but they often hedged in ways that actually created directional risk. When a firm that claims to be neutral is consistently driving volatility, it means their hedging is failing. If you see a “neutral” firm causing big swings, assume they are in trouble.
Alameda’s actions had a pattern before big liquidations. Before a major crash, they typically offloaded smaller, illiquid assets first while keeping larger assets afloat. If you notice a sudden move in low-cap coins linked to a big player, it can be an early warning that they’re struggling. This pattern repeats across hedge funds, so track minor assets for clues.
Their “borrow-and-buy” cycle created false narratives. Alameda borrowed against their own holdings to reinvest in correlated assets, making it seem like broad institutional demand. This kind of cycle can make an asset look strong until a margin call forces liquidation. If an asset is rising without fresh external capital, be cautious — it could be an illusion created by leverage.
Solana was their pet project, but not their only one. While Alameda heavily backed Solana, they also had hidden exposure to smaller chains and DeFi projects that weren’t publicly disclosed. Look beyond just the major names — sometimes the biggest damage happens in obscure projects where they had silent influence.

Ethical considerations and regulatory scrutiny

Alameda Research’s trading practices raised multiple concerns:

Market manipulation. Accusations of wash trading and artificial price inflation.
Conflict of interest. Ties between Alameda and FTX led to potential misuse of customer funds.
Regulatory fallout. Ongoing legal proceedings and increased scrutiny on crypto hedge funds.

Lessons for traders from Alameda Research

The rise and fall of Alameda Research provide critical lessons for traders:

Risk management. Avoid over-reliance on a single trading firm or asset.
Transparency matters. Projects with centralized control over tokens are riskier.
Market sentiment. Be cautious of hype-driven investments.
Regulatory awareness. Understand the implications of market manipulation cases.

Alameda Research exploited price gaps and borrowed smart to stay ahead

If you're a beginner trying to navigate crypto investments, the key lesson from Alameda Research isn't just about portfolio diversification or risk management — it’s about capitalizing on hidden liquidity inefficiencies that most retail investors overlook. Alameda didn’t just trade based on hype; they scoured global exchanges for price discrepancies, profiting from inefficiencies in trading pairs and fragmented order books. Instead of just buying Bitcoin or Ethereum and hoping for gains, beginners should start tracking cross-exchange spreads — sometimes, the same asset is trading at different prices on different platforms. With automation tools like Hummingbot or custom-built Python scripts, even a small investor can capitalize on these gaps before they disappear.

Another unique takeaway is strategic collateral stacking — a method Alameda leveraged heavily. Most investors think about collateralized loans in a basic way (borrow stablecoins, buy more crypto). But Alameda layered collateral in a way that optimized capital efficiency. They'd borrow against volatile assets while simultaneously hedging their downside risk with options or perpetual contracts, ensuring they stayed liquid even in brutal drawdowns. If you're a beginner, don't just hold assets idly. Explore lending platforms that allow you to borrow against your holdings while using hedging instruments to reduce exposure to liquidation risks. Alameda didn't just invest — they engineered a financial system within the crypto ecosystem to maximize every dollar.

Conclusion

Alameda Research’s crypto portfolio was once a major force in the digital asset market. While its holdings influenced price trends and liquidity, its collapse highlighted the risks of unchecked leverage and opaque financial dealings. For traders, Alameda’s downfall serves as a crucial case study in risk management and due diligence.

As the crypto market continues to evolve, staying informed about major players, regulatory changes, and best trading practices will be essential for long-term success.

FAQs

What does Alameda Research's crypto portfolio consist of?

It includes a diversified mix of major cryptocurrencies, stablecoins, and promising altcoins and DeFi tokens.

Which assets form the core of the portfolio?

Bitcoin (BTC) and Ethereum (ETH) are the backbone, representing the largest holdings by value.

How does the portfolio reflect Alameda Research's investment strategy?

It balances high-value, stable assets with liquidity and growth potential, aiming to mitigate risk while capitalizing on market opportunities.

What future factors might impact this portfolio?

Market volatility, regulatory changes, technological advancements in DeFi, and shifts in blockchain scalability could all influence future asset allocation and performance.

Team that worked on the article

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

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Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Leverage

Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.

Yield

Yield refers to the earnings or income derived from an investment. It mirrors the returns generated by owning assets such as stocks, bonds, or other financial instruments.

Diversification

Diversification is an investment strategy that involves spreading investments across different asset classes, industries, and geographic regions to reduce overall risk.

Volatility

Volatility refers to the degree of variation or fluctuation in the price or value of a financial asset, such as stocks, bonds, or cryptocurrencies, over a period of time. Higher volatility indicates that an asset's price is experiencing more significant and rapid price swings, while lower volatility suggests relatively stable and gradual price movements.