Key Takeaways
- The collapsed exchange liquidated its 8% Anthropic ownership for $1.3 billion throughout 2024 bankruptcy liquidations
- Today, that identical position commands approximately $30.4 billion based on Anthropic’s current $380 billion valuation
- Between 25–30 million Solana tokens were offloaded at $64 per token; SOL currently trades north of $130
- Had FTX maintained its complete investment portfolio, current valuations suggest it would be worth roughly $52.5 billion
- Bankruptcy administrators collected approximately $18 billion total, distributing 118–143% of original claims to creditors
Between 2023 and 2025, FTX’s bankruptcy administrators conducted a succession of mandatory asset liquidations. Hindsight reveals these transactions forfeited billions in potential value.
A comprehensive analysis of FTX’s investment holdings before its collapse indicates 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 retained until today’s market conditions.
Crypto analyst Axel Bitblaze originally published this breakdown on X during February 2026. The analysis resurfaced and attracted renewed scrutiny after Anthropic’s market capitalization soared to $380 billion following its most recent capital raise.
The Anthropic Position Liquidation
In 2021, FTX committed $500 million to acquire an 8% ownership stake in Anthropic, the AI research company. When bankruptcy proceedings commenced, administrators liquidated this position in 2024 for $1.3 billion.
Based on Anthropic’s present $380 billion market valuation, that 8% equity stake carries an approximate value of $30.4 billion. The bankruptcy estate realized less than 5% of the position’s eventual worth.
While the divestment accelerated creditor reimbursements, it crystallized an opportunity cost exceeding $29 billion in unrealized appreciation relative to current market prices.
Premature Exits from Solana and Robinhood Positions
FTX and Alameda Research, its affiliated trading division, accumulated approximately 58 million SOL tokens. Bankruptcy overseers liquidated between 25 and 30 million locked tokens at $64 apiece during 2024, generating roughly $1.9 billion in proceeds. Solana presently trades above $130.
Galaxy Trading and Pantera Capital numbered among the purchasers. When these transactions closed, SOL was already trading near $174, meaning institutional buyers immediately captured substantial gains that might otherwise have benefited FTX creditors.
In May 2022, Sam Bankman-Fried acquired a 7.6% ownership position in Robinhood for $648 million at $11.52 per share. Given Robinhood’s current market capitalization approaching $75 billion, that stake would command approximately $5.7 billion at today’s valuations.
Additional Portfolio Components: SpaceX, Bitcoin Mining Operations, and Sui
Alameda Research channeled $700 million into K5 Global during 2022. K5 maintains equity positions in SpaceX, Anduril, and various other ventures. Following a legal resolution in January 2025, FTX preserved its allocation within K5’s investment vehicles. With SpaceX now carrying a valuation exceeding $350 billion, the indirect exposure represents a theoretical value approaching $3 billion.
Alameda additionally deployed $1.15 billion into Genesis Digital Assets, a Bitcoin mining operation, between 2021 and 2022. Present estimates place Genesis Digital’s valuation near $3.5 billion, suggesting roughly a 3x paper return on the original investment.
FTX Ventures spearheaded a $300 million Series B financing round for Mysten Labs, the development team behind the Sui blockchain. Bankruptcy administrators disposed of this holding for under $100 million. When SUI reached its peak above $5 in early 2025, the position would have carried an approximate valuation of $1.2 billion.
Ultimately, bankruptcy administrators recovered approximately $18 billion in total assets, facilitating creditor repayments ranging from 118% to 143% of petition-date claim values, as reported by FTX CEO John Ray.
