FTX's early-stage investments, sold off during the bankruptcy to repay creditors fast, would be worth $206 billion today if the estate had held onto them. The single largest gap comes from an 8% stake in Anthropic, sold for roughly $1.3 billion in 2024 but worth over $30 billion at the AI company's current valuation.
FTX and its trading arm, Alameda Research, held early positions in some of the fastest-appreciating assets of the past three years. The estate sold most of them at bargain prices to repay creditors as quickly as possible.
The Anthropic problem
The estate's 8% stake in Anthropic, the AI company behind Claude, was sold for approximately $1.3 billion in 2024. Anthropic's valuation has since ballooned to around $380 billion, meaning that stake alone would be worth over $30 billion today — more than three times what the entire estate has distributed to creditors across all recovery efforts combined.
The Solana fire sale
FTX's estate also held between 25 and 30 million SOL tokens, which it sold at roughly $64 per token for about $1.9 billion. Solana now trades above $130, so that same batch would be worth well north of $3 billion, nearly double what the estate actually received.
As of March 31, 2026, the remaining venture investments still held by the estate carry a fair value of $1.814 billion, alongside roughly $453 million in cash and digital assets.
Why creditors still feel shortchanged
The FTX Recovery Trust has distributed over $10 billion to creditors by mid-2026, and many are receiving more than 100% of their claim value in the dollar terms of the November 2022 filing. But those claims are pegged to crypto prices from the market bottom, not to what the same Bitcoin or Solana holdings would be worth today.
Future bankruptcy cases involving venture capital and crypto holdings may face pressure to explore alternatives to immediate liquidation, such as direct equity distribution or structured vehicles that let creditors share in future upside.
Source: Crypto Briefing
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