FTX did not simply collapse: it exited a possible $100 billion portfolio

• Crypto Rover mentioned that if the trade had not collapsed, FTX’s funding portfolio might be value greater than $100 billion at the moment.
• The largest missed upside got here from Anthropic, whose outdated 8% stake in FTX might now be value about $88 billion at a $1.1 trillion valuation.
• FTX additionally exited positions in Robinhood, Cursor, and SUI lengthy earlier than their belongings reached greater values.

FTX did not simply collapse below the load of fraud and misuse of buyer funds. It additionally left behind what might be one of the helpful blended crypto and know-how portfolios in the marketplace.

The collapse of FTX is usually framed across the lack of buyer belongings, the fallout in court docket, and the destruction of belief in cryptocurrencies as an entire. The brand new perspective promoted by Crypto Rover now highlights one thing else. Meaning the trade could have gotten rid of a portfolio that’s presently value greater than $100 billion.

It was Antropic who missed out on the largest win. In keeping with numbers shared within the submit, FTX invested $500 million to accumulate an 8% stake after which bought that place for simply $880 million after chapter. At a reported valuation of $1.1 trillion, the identical inventory can be value about $88 billion at the moment. This one place alone accounts for a lot of the headline complete.

Anthropic topped the listing, however it wasn’t the one main mistake.

The second main instance was Robinhood. FTX acquired a 7.6% stake for roughly $648 million. At Robinhood’s peak final 12 months, its positions would have been value about $10 billion, in response to the submit.

Then got here Cursor, one of the memorable AI-era what-if tales associated to the outdated Alameda and FTX portfolios. FTX reportedly purchased 5% of Cursor for simply $200,000 and bought it for a similar quantity in 2023. SpaceX now reportedly holds an possibility to accumulate Cursor for $60 billion, that means the identical stake can be value almost $3 billion.

This quantity ought to nonetheless be handled as a easy headline estimate. Startup stakes usually dilute over time. Nonetheless, the hole between the $200,000 exit and the billions of {dollars} in implied worth exhibits how a lot upside FTX has given up.

SUI will increase alternative prices

The fourth instance on this submit was SUI. FTX has reportedly secured 888 million SUI tokens by means of a $100 million funding in Mysten Labs. After chapter, that inventory was bought for $96 million. At its reported peak in 2024, the identical holdings would have been value about $4.8 billion.

Moreover, Crypto Rover identified that FTX can also be uncovered to SOL, APT, and a number of other different tokens. Because of this the $100 billion determine just isn’t pushed by only one asset. Whereas Anthropic made up nearly all of the entire, the broader portfolio included a collection of investments that had been later sharply revalued in each cryptocurrencies and AI.

The collapse did not simply freeze belongings.

The essential level is that not all estimates are absolutely transformed into realized earnings. Some stakes could have been diluted, some tokens could have confronted lockups, and a few valuations could not have been maintained. However the broader conclusions stay robust. The chapter pressured FTX to liquidate its belongings earlier than its largest repricing cycle.

FTX did not simply collapse. It bought off what might have been an enormous portfolio spanning AI, public fairness, and crypto infrastructure. Beneath totally different circumstances, Anthropic, Robinhood, Cursor, and SUI alone might have turned this property into one of many largest swimming pools of venture-style worth within the trade. Relatively, these investments turned a part of a protracted listing of issues FTX misplaced as a result of trade’s collapse.

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