Key Takeaways
- During bankruptcy liquidation in 2024, FTX offloaded its 8% ownership position in Anthropic for $1.3 billion
- With Anthropic’s valuation currently at $380 billion, that identical stake commands a market value of approximately $30.4 billion
- Between 25 and 30 million Solana tokens were liquidated by FTX at $64 per token; SOL currently trades north of $130
- If maintained without liquidation, FTX’s complete investment holdings would command an estimated market value of $52.5 billion in today’s market
- Through asset recovery efforts, the bankruptcy administrators collected approximately $18 billion, facilitating creditor repayments ranging from 118% to 143% of original claim amounts
Between 2023 and 2025, the FTX bankruptcy administrators executed a sequence of mandatory liquidations. In retrospect, these transactions forfeited enormous potential value.
An evaluation of FTX’s investment holdings prior to its collapse reveals the portfolio’s value could have expanded from approximately $4.7 billion to an estimated $52.5 billion—representing unrealized appreciation of $47.8 billion—if positions had remained intact through the present day.
This assessment was initially published on X by cryptocurrency researcher Axel Bitblaze during February 2026. The analysis attracted renewed interest following Anthropic’s recent funding round that established its valuation at $380 billion.
The Lost Fortune in Anthropic Shares
In 2021, FTX committed $500 million to acquire an 8% ownership stake in Anthropic, the artificial intelligence research company. When bankruptcy administrators liquidated assets in 2024, this stake fetched $1.3 billion.
Based on Anthropic’s present valuation of $380 billion, that same 8% ownership position carries a theoretical worth of roughly $30.4 billion. The bankruptcy estate captured less than 5% of the position’s eventual market value.
While the transaction expedited distributions to creditors, it crystallized a shortfall exceeding $29 billion when measured against current valuations.
Premature Exits from Solana and Robinhood Positions
FTX, along with its associated trading entity Alameda Research, controlled approximately 58 million SOL tokens. During 2024, bankruptcy overseers liquidated between 25 and 30 million locked tokens at $64 apiece, generating roughly $1.9 billion in proceeds. Today, Solana commands a market price exceeding $130.
Purchasers included Galaxy Trading and Pantera Capital. Notably, SOL was already trading near $174 at the transaction date, enabling these buyers to realize immediate profits that otherwise could have accrued to FTX creditors.
In May 2022, Sam Bankman-Fried acquired a 7.6% stake in Robinhood for $648 million, paying $11.52 per share. With Robinhood’s current market capitalization approaching $75 billion, this holding would translate to approximately $5.7 billion in value today.
Additional Portfolio Components: SpaceX Exposure, Mining Operations, and Blockchain Ventures
In 2022, Alameda Research transferred $700 million to K5 Global, which maintains ownership positions in SpaceX, Anduril, and various other companies. Following a legal resolution in January 2025, FTX preserved its holdings in K5’s investment vehicles. With SpaceX’s valuation now surpassing $350 billion, this indirect exposure represents a notional value approaching $3 billion.
Between 2021 and 2022, Alameda invested $1.15 billion in Bitcoin mining operation Genesis Digital Assets. Current estimates place Genesis Digital’s valuation near $3.5 billion, suggesting approximately 3x paper returns on the original investment.
FTX Ventures spearheaded a $300 million Series B financing for Mysten Labs, the development team behind the Sui blockchain. The bankruptcy estate divested this position for less than $100 million. When SUI reached its peak above $5 during early 2025, that stake would have commanded approximately $1.2 billion in market value.
Ultimately, the bankruptcy proceedings recovered approximately $18 billion in assets, facilitating creditor repayments between 118% and 143% of petition-date claim values, as reported by FTX CEO John Ray.
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