FTX Sold SpaceX, Anthropic and Robinhood Stakes Too Early — What Those Are Worth Now

TLDR

• FTX sold its 8% stake in Anthropic for $1.3 billion in 2024 during bankruptcy proceedings
• That same stake is now worth approximately $30.4 billion at Anthropic’s $380 billion valuation
• FTX also sold 25–30 million Solana tokens at $64 each; SOL now trades above $130
• FTX’s full portfolio, if held intact, would be worth an estimated $52.5 billion today
• The bankruptcy estate recovered roughly $18 billion, paying creditors 118–143% of claims

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FTX’s bankruptcy estate made a series of forced asset sales between 2023 and 2025. Looking back, those sales left tens of billions of dollars on the table.

A reconstruction of FTX’s pre-collapse investment positions shows the portfolio could have grown from roughly $4.7 billion to an estimated $52.5 billion — a paper gain of $47.8 billion — had the assets been held to today.

The analysis was first shared on X by crypto analyst Axel Bitblaze in February 2026. It gained fresh attention after Anthropic’s valuation hit $380 billion following its latest fundraising round.

The Anthropic Sale

FTX invested $500 million in Anthropic in 2021, taking an 8% stake in the AI company. During bankruptcy proceedings, the estate sold that stake for $1.3 billion in 2024.

At Anthropic’s current $380 billion valuation, that 8% stake would be worth approximately $30.4 billion. The estate recovered less than 5% of what the position would eventually be worth.

The sale helped speed up creditor repayments, but it locked in a loss of more than $29 billion in potential value relative to today’s price.

Solana and Robinhood Also Sold Early

FTX and its trading arm Alameda Research held roughly 58 million SOL tokens. Bankruptcy administrators sold between 25 and 30 million locked tokens at $64 each in 2024, raising about $1.9 billion. Solana now trades above $130.

Buyers included Galaxy Trading and Pantera Capital. At the time of sale, SOL was already trading near $174, meaning buyers captured an immediate gain that could have gone to FTX creditors.

In May 2022, Sam Bankman-Fried bought a 7.6% stake in Robinhood for $648 million at $11.52 per share. With Robinhood’s market cap now near $75 billion, that position would be worth approximately $5.7 billion today.

Other Holdings: SpaceX, Bitcoin Mining, and Sui

Alameda Research transferred $700 million to K5 Global in 2022. K5 holds stakes in SpaceX, Anduril, and others. After a legal settlement in January 2025, FTX retained its position in K5’s funds. With SpaceX now valued above $350 billion, the exposure carries a notional value of around $3 billion.

Alameda also invested $1.15 billion in Bitcoin miner Genesis Digital Assets between 2021 and 2022. The current estimated valuation of Genesis Digital is around $3.5 billion, roughly a 3x return on paper.

FTX Ventures led a $300 million Series B in Sui blockchain developer Mysten Labs. The estate sold its position for under $100 million. At SUI’s peak above $5 in early 2025, that position would have been worth approximately $1.2 billion.

The bankruptcy estate ultimately recovered around $18 billion, enabling repayments of 118% to 143% of petition-date claims, according to FTX CEO John Ray.

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