Quick Overview
- During bankruptcy liquidation, FTX divested its 8% ownership in Anthropic for $1.3 billion in 2024
- At Anthropic’s current $380 billion market valuation, that identical position commands approximately $30.4 billion
- The estate liquidated 25–30 million Solana coins at $64 per token; SOL currently trades beyond $130
- If preserved without liquidation, FTX’s complete investment holdings would total an estimated $52.5 billion presently
- Bankruptcy administrators collected approximately $18 billion total, distributing 118–143% of original claim values to creditors
Between 2023 and 2025, FTX’s bankruptcy administrators executed numerous compulsory liquidations of portfolio holdings. In retrospect, these transactions forfeited tens of billions in unrealized appreciation.
A detailed reconstruction of FTX’s investment holdings prior to its November 2022 collapse reveals the portfolio’s trajectory from approximately $4.7 billion to a theoretical $52.5 billion — representing unrealized appreciation of $47.8 billion — assuming zero liquidations through the present date.
Crypto researcher Axel Bitblaze originally published this analysis on X during February 2026. The findings resurfaced in public discourse after Anthropic’s enterprise valuation soared to $380 billion following its most recent capital injection.
The Anthropic Investment and Liquidation
In 2021, FTX committed $500 million to acquire an 8% ownership position in Anthropic, the AI safety-focused company. When bankruptcy proceedings commenced, estate administrators liquidated this entire stake for $1.3 billion during 2024.
Using Anthropic’s present $380 billion enterprise value as a benchmark, that 8% equity position would command approximately $30.4 billion. The bankruptcy recovery represented less than 5% of the stake’s eventual valuation.
While the transaction accelerated distributions to creditors, it crystallized an opportunity cost exceeding $29 billion in foregone appreciation compared to current market pricing.
Premature Exits From Solana and Robinhood Positions
FTX and its affiliated trading entity Alameda Research accumulated approximately 58 million SOL tokens. During 2024, bankruptcy trustees sold between 25 and 30 million locked tokens at $64 apiece in bulk transactions, generating roughly $1.9 billion. Solana currently exchanges hands above $130.
Purchasers included Galaxy Trading and Pantera Capital. Remarkably, when these sales executed, SOL was already trading near $174 in spot markets, meaning institutional buyers immediately captured substantial gains that otherwise would have accrued to FTX’s creditor base.
In May 2022, Sam Bankman-Fried personally acquired a 7.6% ownership stake in Robinhood for $648 million at $11.52 per share. Given Robinhood’s current market capitalization approaching $75 billion, that identical equity position would be valued at approximately $5.7 billion today.
Additional Portfolio Components: SpaceX Exposure, Bitcoin Mining, and Sui Blockchain
Alameda Research transferred $700 million to K5 Global during 2022. K5 maintains equity stakes in SpaceX, Anduril, and multiple other venture-stage companies. Following legal resolution in January 2025, FTX preserved its allocation in K5’s investment vehicles. With SpaceX’s valuation now exceeding $350 billion, the indirect exposure carries an estimated notional value around $3 billion.
Alameda separately deployed $1.15 billion into Bitcoin mining operation Genesis Digital Assets throughout 2021 and 2022. Current valuations place Genesis Digital at approximately $3.5 billion, representing roughly 3x return on the original capital deployment.
FTX Ventures spearheaded a $300 million Series B financing for Mysten Labs, the development company behind Sui blockchain infrastructure. The estate liquidated this position for under $100 million. When SUI token pricing peaked above $5 during early 2025, that identical holding would have commanded approximately $1.2 billion in market value.
The bankruptcy estate ultimately recovered around $18 billion across all liquidations, facilitating creditor repayments ranging from 118% to 143% of petition-date claim amounts, according to FTX CEO John Ray.
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