FTX Collapse Wiped Out Potential $50B Portfolio as Illiquid Bets Unraveled

Strong asset picks failed against a fatal liquidity mismatch at FTX.

Sam Bankman-Fried once oversaw assets that could be worth more than $50 billion today. In November 2022, control slipped away in just 72 hours. A rush of withdrawal requests forced FTX to sell holdings at low prices. Recent valuations show how much value may have been wiped out.

Anthropic’s $380B Valuation Revives Focus on SBF’s 8% Stake

As spotted by Axel Bitblaze, portfolio data from November 2022 shows a clear picture. Bankman-Fried held an 8% stake in Anthropic, acquired in 2021 for roughly $500 million. He also controlled 58 million Solana tokens and 7.6% of Robinhood. Stakes in SpaceX, through K5 Global, and other venture bets rounded out holdings.

Earlier this week, Anthropic raised capital at a $380 billion valuation. An 8% stake at that level would equal about $30.4 billion. Solana, trading near $180, would value the 58 million tokens at roughly $10.4 billion. Robinhood, with a market capitalization near $50 billion, would place a 7.6% holding at around $3.8 billion. Other private positions could add at least $5 billion more.

Altogether, those assets could approach or exceed $50 billion under current prices. Market observers describe selection timing as unusually strong, especially the early Anthropic position. In 2021, a few crypto firms focused on artificial intelligence. Anthropic now ranks among the top AI companies globally.

Bank Run Exposed FTX’s Fragile Balance Sheet

Strong picks were not the problem. FTX failed because it held long-term assets while customers expected quick access to their money:

• Venture stakes required months to exit due to private market restrictions.
• Large token holdings risked sharp price drops if sold quickly.
• Real estate and minority equity stakes lacked deep secondary markets.
• Customer deposits demanded near-instant liquidity during stress.

Pressure began on November 2, 2022, when CoinDesk published details of Alameda Research’s balance sheet. On November 6, Binance CEO Changpeng Zhao announced plans to sell FTT holdings. Withdrawal requests surged to about $6 billion within two days. By November 8, FTX halted withdrawals. Bankruptcy followed on November 11, and Bankman-Fried resigned.

Illiquid positions could not be converted to cash fast enough. An 8% stake in Anthropic could not be sold in an afternoon. Offloading 58 million Solana tokens would have crushed the market price. Once a bank run started, balance sheet math failed.

Court filings show FTX later sold Anthropic shares for about $1.3 billion. At current valuations, those shares could exceed $30 billion. Solana was reportedly sold near $64 per token, far below recent levels. Total recoveries reached roughly $18 billion, compared with an estimated $50 billion or more if assets had remained intact.

In November 2023, a jury convicted Bankman-Fried on seven counts of fraud and conspiracy. Prosecutors said customer funds were commingled with Alameda Research, creating an $11 billion shortfall. The former FTX chief is now serving a 25-year sentence.

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