FTX’s unliquidated investments would be worth $206B today, highlighting the cost of a fire sale

The math is simple, even if the implications are not. FTX and its trading arm Alameda Research held early-stage positions in some of the fastest-appreciating assets of the past three years. They sold most of them at bargain prices to pay back creditors as quickly as possible. The Anthropic problem The single most painful line item is Anthropic, the AI company behind Claude. FTX held roughly an 8% stake in Anthropic, which the estate sold for approximately $1.3 billion in 2024. Anthropic’s valuation has since ballooned to around $380 billion. At that number, FTX’s original stake would be worth over $30 billion by itself. That is more than three times what the entire estate has distributed to creditors across all recovery efforts combined. Solana and the token fire sale FTX’s estate held between 25 and 30 million SOL tokens, which were sold at roughly $64 per token for a total of approximately $1.9 billion. Solana currently trades above $130. Even at today’s price, that batch of tokens would be worth well north of $3 billion, nearly double what the estate received. As of March 31, 2026, the remaining venture investments still held by the FTX estate carry a fair value of $1.814 billio...