WatcherGuru
A hypothetical reconstruction of FTX's venture portfolio shows the collapsed exchange's stakes would be worth roughly $206 billion had it never been forced to liquidate after Sam Bankman-Fried's 2022 downfall.
The largest single position is Anthropic at $170.5 billion, a 340x markup on the original investment. SpaceX would be worth $15.1 billion (75x), Solana $7.0 billion (35x), Robinhood $6.7 billion (11x), Genesis Digital $3.5 billion (3x), and Cursor $3 billion at a staggering 15,000x multiple.
The exercise underscores how much of FTX's losses were paper value that later recovered across AI and venture markets, even as creditors waited years for distributions.
Frequently asked questions
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How much would FTX's portfolio be worth if it never liquidated?
An estimated $206 billion, based on current valuations of its stakes in Anthropic, SpaceX, Solana, Robinhood, Genesis Digital, and Cursor.
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Which FTX investment saw the biggest return multiple?
Cursor, at an estimated 15,000x multiple, now valued at $3 billion. Anthropic delivered the largest absolute value at $170.5 billion, a 340x markup.
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What was FTX's largest single position in the hypothetical portfolio?
Anthropic, valued at $170.5 billion, a 340x return on the original investment and roughly 80% of the total $206 billion portfolio value.
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How much would FTX's Solana stake be worth today?
Approximately $7.0 billion, a 35x multiple on the original investment, making it the third-largest position in the reconstructed portfolio.
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Why did FTX have to liquidate its investments?
The exchange collapsed in November 2022 amid revelations that customer funds had been misused, forcing the estate to liquidate assets to repay creditors during bankruptcy proceedings.
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