Quick Summary
- During bankruptcy, FTX liquidated its 8% ownership in Anthropic for $1.3 billion in 2024
- At Anthropic’s present $380 billion valuation, that identical stake carries a value of roughly $30.4 billion
- The estate also liquidated 25–30 million Solana tokens at $64 per token; SOL currently trades over $130
- If maintained without liquidation, FTX’s complete investment portfolio would carry an estimated value of $52.5 billion presently
- Total bankruptcy recoveries reached approximately $18 billion, delivering creditors 118–143% of original claim values
Between 2023 and 2025, FTX’s bankruptcy administrators executed numerous mandatory liquidations of company assets. With hindsight, these transactions forfeited astronomical sums in unrealized appreciation.
FTX collapsed in one of the biggest frauds in financial history. 😳their investment portfolio would be worth $52.5B today:
▫️ $500M in Anthropic → now worth ~$30.4B
▫️ $648M in Robinhood → now worth ~$5.7B
▫️ $1.15B in Genesis Digital Assets → now worth ~$3.5B
▫️ $700M in… pic.twitter.com/35f20CXB4z— Ruben (@rdominguezibar) March 18, 2026
A detailed reconstruction of FTX’s investment holdings prior to its implosion reveals the portfolio’s theoretical growth trajectory from approximately $4.7 billion to a staggering $52.5 billion — representing unrealized gains totaling $47.8 billion — assuming all positions remained untouched until present day.
Cryptocurrency analyst Axel Bitblaze initially published this analysis on X during February 2026. The findings regained widespread visibility after Anthropic’s market valuation soared to $380 billion following its most recent capital raise.
The Anthropic Liquidation Story
In 2021, FTX committed $500 million to secure an 8% ownership position in Anthropic, the artificial intelligence research company. When bankruptcy trustees liquidated this holding in 2024, they received $1.3 billion.
Based on Anthropic’s current $380 billion enterprise value, that same 8% equity stake commands a theoretical worth of approximately $30.4 billion. The bankruptcy estate captured under 5% of the position’s eventual market value.
While this liquidation accelerated distributions to creditors, it permanently sacrificed over $29 billion in potential appreciation compared to present-day valuations.
Premature Exits From Solana and Robinhood Holdings
FTX and its affiliated trading operation Alameda Research accumulated approximately 58 million SOL tokens. In 2024, bankruptcy overseers liquidated between 25 and 30 million locked tokens at $64 apiece, generating roughly $1.9 billion. Solana presently changes hands above $130.
Purchasers included Galaxy Trading alongside Pantera Capital. During the liquidation period, SOL was already trading near $174, enabling these buyers to capture immediate profits that otherwise would have benefited FTX creditors.
During 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 holding would command approximately $5.7 billion in today’s market.
Additional Portfolio Components: SpaceX, Bitcoin Mining Operations, and Sui
Alameda Research transferred $700 million to K5 Global during 2022. K5 maintains equity positions in SpaceX, Anduril, and additional venture-backed companies. Following a legal resolution in January 2025, FTX preserved its allocation in K5’s investment vehicles. With SpaceX’s valuation now exceeding $350 billion, this indirect exposure carries notional worth approaching $3 billion.
Alameda additionally invested $1.15 billion in Bitcoin mining operation Genesis Digital Assets throughout 2021 and 2022. Present estimates place Genesis Digital’s valuation near $3.5 billion, representing approximately 3x paper returns.
FTX Ventures spearheaded a $300 million Series B investment in Mysten Labs, developer of the Sui blockchain. Bankruptcy administrators liquidated this stake for under $100 million. When SUI token prices peaked above $5 during early 2025, that position would have commanded approximately $1.2 billion in value.
Ultimately, the bankruptcy estate assembled roughly $18 billion in recoveries, facilitating repayment rates spanning 118% to 143% of petition-date claim amounts, as confirmed by FTX CEO John Ray.
