Contents
TLDR
- 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 stake would command approximately $30.4 billion
- The estate liquidated 25–30 million Solana tokens at $64 per coin; SOL currently trades above $130
- Had FTX maintained its complete investment portfolio, the total value would reach an estimated $52.5 billion at current market prices
- Bankruptcy administrators collected approximately $18 billion, enabling creditor repayments between 118–143% of original claims
Between 2023 and 2025, FTX’s bankruptcy administrators conducted a series of emergency asset liquidations. In retrospect, these transactions sacrificed tens of billions in potential value.
A comprehensive analysis of FTX’s investment holdings before the November 2022 collapse reveals the portfolio’s value could have expanded from approximately $4.7 billion to an estimated $52.5 billion — representing unrealized gains of $47.8 billion — if assets had remained untouched until today.
Crypto researcher Axel Bitblaze initially published this analysis on X during February 2026. The findings resurfaced and gained widespread attention after Anthropic’s market capitalization soared to $380 billion following its most recent funding announcement.
The Anthropic Divestment
In 2021, FTX committed $500 million to Anthropic, securing an 8% ownership position in the emerging AI startup. As part of bankruptcy asset recovery efforts, estate administrators sold this entire stake for $1.3 billion during 2024.
Based on Anthropic’s present $380 billion valuation, that same 8% ownership would carry a market value of approximately $30.4 billion. The bankruptcy estate ultimately recovered less than 5% of what the investment would eventually become worth.
While the transaction accelerated creditor reimbursements, it permanently crystallized a loss exceeding $29 billion in potential appreciation compared to current valuations.
Premature Exits from Solana and Robinhood Positions
FTX and its affiliated trading entity Alameda Research accumulated approximately 58 million SOL tokens. Bankruptcy liquidators disposed of between 25 and 30 million locked tokens at $64 per unit throughout 2024, generating roughly $1.9 billion. Solana presently trades above $130 per token.
Purchasers included institutional players Galaxy Trading and Pantera Capital. At the transaction date, SOL was already trading near $174 on open markets, meaning these buyers immediately captured substantial gains that might have otherwise benefited FTX creditors.
In May 2022, Sam Bankman-Fried 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 same position would be valued at approximately $5.7 billion today.
Additional Assets: SpaceX Exposure, Bitcoin Mining, and Sui Blockchain
Alameda Research transferred $700 million to investment firm K5 Global during 2022. K5’s portfolio includes positions in SpaceX, Anduril, and various other ventures. Following a legal resolution in January 2025, FTX preserved its stake in K5’s investment vehicles. With SpaceX now commanding a valuation exceeding $350 billion, this indirect exposure carries an estimated notional value around $3 billion.
Alameda additionally deployed $1.15 billion into Bitcoin mining operation Genesis Digital Assets throughout 2021 and 2022. Current estimates place Genesis Digital’s valuation near $3.5 billion, representing approximately a 3x paper return on the original investment.
FTX Ventures spearheaded a $300 million Series B funding round for Mysten Labs, the development company behind Sui blockchain. The bankruptcy estate liquidated this holding for under $100 million. When SUI token prices peaked above $5 in early 2025, that position would have commanded approximately $1.2 billion in value.
The bankruptcy estate successfully recovered around $18 billion in total, facilitating creditor repayments ranging from 118% to 143% of petition-date claim amounts, according to FTX CEO John Ray.
