The $206 billion figure rests mainly on Anthropic
The viral figure attributes $170.5 billion to FTX’s former stake in Anthropic, roughly 340 times the $500 million invested. Yet the available documents tell a more complicated story. BrefCrypto recently covered Sam Bankman-Fried’s new legal battle over FTX, in which the later value of the assets plays a particularly important role.
FTX initially acquired 13.56% of Anthropic, before subsequent funding rounds diluted that stake. In February 2024, Reuters reported that the bankrupt exchange still held 7.84% of the company.
Anthropic has since soared. The company announced a $65 billion funding round in May 2026 at a post-money valuation of $965 billion.
Even generously applying the 7.84% stake from 2024 to that valuation produces approximately $75.7 billion, not $170.5 billion. This calculation is itself optimistic, since it does not account for any further dilution in subsequent rounds.
The $170.5 billion shortcut therefore appears to turn the initial $500 million check directly into an investment multiplied by 340, without precisely reconstructing the equity stake.
Solana, Cursor and SpaceX remain impressive bets
The rest of the portfolio is much more defensible.
Alameda had accumulated nearly 60 million SOL early in Solana’s history. With SOL currently around $120, that position would indeed be worth close to $7 billion. FTX’s administrator still held 41 million locked SOL in 2024 before selling a large portion of it.
Cursor offers the most spectacular case. Alameda invested just $200,000 in Anysphere in 2022 for approximately 5% of the company. FTX’s administrator resold that stake at the same price in 2023. With the transaction valuing Cursor at $60 billion, that former position would theoretically be worth $3 billion, nearly 15,000 times the initial investment.
SpaceX adds another approximately $15 billion, according to estimates published by Forbes. FTX had paid $700 million to K5 Global, of which approximately $200 million was subsequently exposed to SpaceX. Forbes had already valued that indirect position at up to $15 billion in the spring.
It becomes easier to understand why SBF’s investments still fascinate people. That does not change the lesson left by FTX’s collapse for crypto investors: owning promising assets does not offset a liquidity crisis when customers demand their money.
A portfolio probably worth more than $100 billion
Robinhood completes the picture. FTX paid approximately $648 million for 55 million shares. With Robinhood around $119, that position would currently be worth approximately $6.6 billion. The brokerage’s market capitalization is around $107 billion.
Genesis Digital is more difficult to value precisely because the company remains private. Alameda invested approximately $1.15 billion in it, but a subsequent FTX filing already described some of the valuations used at the time as extremely high. Assigning $3.5 billion to that stake today should therefore remain an estimate, not an observable market value.
Using the relatively solid assumptions for Solana, SpaceX, Cursor and Robinhood, along with a generous estimate for Anthropic, the result is closer to a range of $110 billion to $120 billion than to $206 billion. Forbes had, moreover, arrived at approximately $100 billion several months earlier.
That remains extraordinary for a portfolio assembled just a few years earlier. It does not mean, however, that liquidators simply “lost” $200 billion. They had to convert sometimes illiquid assets into cash, repay creditors and manage a bankruptcy in which FTX no longer held the crypto its customers believed they owned. The group has for several years projected billions of dollars in distributions generated precisely from these asset sales.
An additional irony: at a time when crypto markets are now seeking to tokenize even IPOs, some of the strongest technology investments in recent history passed through the balance sheet of a defunct crypto exchange.
