Sturdy asset picks failed in opposition to a deadly liquidity mismatch at FTX.
Sam Bankman-Fried as soon as oversaw belongings that could possibly be value greater than $50 billion right now. In November 2022, management slipped away in simply 72 hours. A rush of withdrawal requests pressured FTX to promote holdings at low costs. Current valuations present how a lot worth might have been worn out.
Anthropic’s $380B Valuation Revives Give attention to SBF’s 8% Stake
As noticed by Axel Bitblaze, portfolio knowledge from November 2022 exhibits a transparent image. Bankman-Fried held an 8% stake in Anthropic, acquired in 2021 for roughly $500 million. He additionally managed 58 million Solana tokens and seven.6% of Robinhood. Stakes in SpaceX, via K5 International, and different enterprise bets rounded out holdings.
SBF misplaced management of a $50B+ portfolio in 72 hours
he was really a genius investor. lets take a look at his investments,
• his portfolio (november 2022):
> anthropic: 8% stake ($500M invested in 2021)
> solana: 58M tokens
> robinhood: 7.6% of firm
> spacex stake via…— Axel Bitblaze 🪓 (@Axel_bitblaze69) February 14, 2026
Earlier this week, Anthropic raised capital at a $380 billion valuation. An 8% stake at that stage would equal about $30.4 billion. Solana, buying and selling close to $180, would worth the 58 million tokens at roughly $10.4 billion. Robinhood, with a market capitalization close to $50 billion, would place a 7.6% holding at round $3.8 billion. Different personal positions may add a minimum of $5 billion extra.
Altogether, these belongings may method or exceed $50 billion below present costs. Market observers describe choice timing as unusually robust, particularly the early Anthropic place. In 2021, a couple of crypto corporations targeted on synthetic intelligence. Anthropic now ranks among the many high AI firms globally.
Financial institution Run Uncovered FTX’s Fragile Stability Sheet
Sturdy picks weren’t the issue. FTX failed as a result of it held long-term belongings whereas clients anticipated fast entry to their cash:
- Enterprise stakes required months to exit on account of personal market restrictions.
- Giant token holdings risked sharp value drops if bought rapidly.
- Actual property and minority fairness stakes lacked deep secondary markets.
- Buyer deposits demanded near-instant liquidity throughout stress.
Stress started on November 2, 2022, when CoinDesk revealed particulars of Alameda Analysis’s steadiness sheet. On November 6, Binance CEO Changpeng Zhao introduced plans to promote FTT holdings. Withdrawal requests surged to about $6 billion inside two days. By November 8, FTX halted withdrawals. Chapter adopted on November 11, and Bankman-Fried resigned.
Illiquid positions couldn’t be transformed to money quick sufficient. An 8% stake in Anthropic couldn’t be bought in a day. Offloading 58 million Solana tokens would have crushed the market value. As soon as a financial institution run began, steadiness sheet math failed.
Court docket filings present FTX later bought Anthropic shares for about $1.3 billion. At present valuations, these shares may exceed $30 billion. Solana was reportedly bought close to $64 per token, far under current ranges. Whole recoveries reached roughly $18 billion, in contrast with an estimated $50 billion or extra if belongings had remained intact.
In November 2023, a jury convicted Bankman-Fried on seven counts of fraud and conspiracy. Prosecutors stated buyer funds have been commingled with Alameda Analysis, creating an $11 billion shortfall. The previous FTX chief is now serving a 25-year sentence.