FTX's former Anthropic stake would be worth about $75B at today's valuation

#1

Post by adam_rida » Sun, Jun 14, 2026, 4:31 PM UTC

FTX held a diluted 7.84% stake in Anthropic, according to Reuters.

Anthropic’s latest reported valuation is around $965B.

That implies the former FTX stake would be worth about $75B before further dilution.

FTX’s customer shortfall was roughly $8B to $9B.

The estate sold the Anthropic stake during bankruptcy to repay creditors.

Sources: https://www.reuters.com/technology/crypto-exchange-ftx-sell-shares-ai-startup-anthropic-2024-02-22/ https://www.reuters.com/technology/openai-files-us-ipo-after-anthropic-ai-giants-head-public-markets-2026-06-08/

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#2

Post by satvikpendem » Sun, Jun 14, 2026, 4:42 PM UTC

If only Sam wasn't caught, then he'd have more than enough to refill what he stole, ironic.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#3

Post by KingMachiavelli » Sun, Jun 14, 2026, 4:44 PM UTC

Assuming they would not have liquidated it earlier (perhaps via some semi-legal instrument) to cover past or future bad decisions. Crypto certainly isn’t doing well now.

The 7.84% state would probably be significantly diluted over this time frame so 4-5% is probably a more accurate estimate but perhaps high estimate.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#4

Post by JumpCrisscross » Sun, Jun 14, 2026, 5:22 PM UTC

satvikpendem wrote: post #2

If only Sam wasn't caught, then he'd have more than enough to refill what he stole, ironic.

> If only Sam wasn't caught

They levered into wrong-way bets into the crypto winter while stealing the money for yachts and effective-altruism philanthropy and political donations. This wasn’t a Madoff-type leak and confession. Their risk setting didn’t permit a world in which they didn’t blow up.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#5

Post by Shank » Sun, Jun 14, 2026, 5:23 PM UTC

Liquidity has value too. Many FTX customers needed immediate liquidity. If you need immediate liquidity the value proposition years later is meaningless for most people because most people can’t get any bridge financing to cover the gap.

Mt. Gox also ran a fractional exchange for a long time until the bottom fell out. The trouble is that you simply can’t run an unannounced fractional exchange.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#6

Post by jknoepfler » Sun, Jun 14, 2026, 5:25 PM UTC

satvikpendem wrote: post #2

If only Sam wasn't caught, then he'd have more than enough to refill what he stole, ironic.

Whether that would constitute restitution or furtherance of a Ponzi scheme is open for debate, I guess...

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#7

Post by vkou » Sun, Jun 14, 2026, 5:29 PM UTC

Shank wrote: post #5

Liquidity has value too. Many FTX customers needed immediate liquidity. If you need immediate liquidity the value proposition years later is meaningless for most people because most people can’t get any bridge financing to cover the gap. Mt. Gox also ran a fractional exchange for a long time until the bottom fell out. The trouble is that you simply can’t run an unannounced fractional exchange.

A fractional bank is one that doesn't have liquidity to cover all obligations, but has enough non-liquid assets to cover all obligations. They can get the money if all customers withdraw, it just might take them a few days.

A fraudulent bank is one that doesn't have enough liquidity or assets to cover all their obligations. Mt Gox and FTX were perfect examples of this.

The fact that some of their assets went up in the years or decades since is irrelevant. Madoff would probably be in the green now, too, simply thanks to asset inflation.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#8

Post by reisse » Sun, Jun 14, 2026, 5:30 PM UTC

KingMachiavelli wrote: post #3

Assuming they would not have liquidated it earlier (perhaps via some semi-legal instrument) to cover past or future bad decisions. Crypto certainly isn’t doing well now. The 7.84% state would probably be significantly diluted over this time frame so 4-5% is probably a more accurate estimate but perhaps high estimate.

> Crypto certainly isn’t doing well now.

This "not doing well" is being three times higher than at the time of FTX collapse.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#9

Post by reisse » Sun, Jun 14, 2026, 5:33 PM UTC

JumpCrisscross wrote: post #4

satvikpendem wrote: post #2

If only Sam wasn't caught, then he'd have more than enough to refill what he stole, ironic.

> If only Sam wasn't caught They levered into wrong-way bets into the crypto winter while stealing the money for yachts and effective-altruism philanthropy and political donations. This wasn’t a Madoff-type leak and confession. Their risk setting didn’t permit a world in which they didn’t blow up.

I'd argue the money spent for yachts and donations were a drop in the ocean compared to what they burned via Alameda and lack of whatsoever accounting.

Re: FTX's former Anthropic stake would be worth about $75B at today's valuation

#10

Post by FireBeyond » Sun, Jun 14, 2026, 5:34 PM UTC

Trustees, not estate.

If only the role of trustees wasn't to do as they can to make creditors as whole as possible now, without risk, rather than keep playing the same kind of bets that got the bankrupt entity into the hole it was in...