Sam Bankman-Fried has revived debate over the value of FTX’s former portfolio by arguing that the collapsed exchange’s assets would be worth about $114 billion today if they had not been sold during bankruptcy. The estimate, based on figures circulated in recent reports and public comments, rests largely on the later rise in the value of holdings tied to Anthropic, SpaceX, Solana, Robinhood, Genesis Digital Assets, and the AI startup Cursor. The claim has drawn attention because the FTX estate spent 2023 and 2024 selling most of its volatile and illiquid holdings under the direction of restructuring chief John J. Ray III. The bankruptcy team’s task was to reduce market risk, raise cash, and repay creditors after FTX filed for Chapter 11 protection in November 2022. That process helped fund repayments, but it also left the estate without exposure to the sharp rebound in crypto and private technology valuations that followed. The $114 Billion Estimate is Tied to a Few Major Assets According to data, Anthropic represents the largest part of the “what if” calculation, with an estimated value of about $82.3 billion. SpaceX accounts for another $15 billion, while Solana’s recovery lifts the value of that position to around $5.1 billion. Other holdings often mentioned in the calculation include Robinhood, Genesis Digital Assets, and Cursor. The Cursor stake has become one of the clearest examples in the discussion. Alameda Research invested $200,000 in Anysphere, the company behind Cursor, in April 2022. That investment bought about 5% of the business at the time. After FTX collapsed, the estate sold the stake in 2023 for the same $200,000. Following SpaceX’s recent agreement tied to Cursor at a $60 billion valuation, that stake would now be worth about $3 billion. Source: X That gap has fueled criticism of the liquidation strategy. Supporters of Bankman-Fried have pointed to examples like Cursor to argue that the estate sold too early and left creditors without the upside from later market gains. The estate, however, was operating during a period when crypto prices were weak, confidence was low, and the value of private holdings was far less certain than it appears in hindsight. Creditor Repayments Have Continued While the Estate Exits Risk The bankruptcy estate has been making steady distributions even as the debate over missed gains continues. Reports say the FTX Recovery Trust completed its fourth major distribution of about $2.2 billion on March 31, 2026. As of April 2026, the estate had distributed roughly $10 billion to creditors, with repayments based on November 2022 U.S. dollar claim values rather than later crypto price recovery. Some claim classes have now reached 100% recovery of their 2022 value, while Class 7 is expected to receive up to 120%, according to the figures cited in the provided material. A record date of April 30, 2026, has also been set for a planned payment to preferred equity interest holders on May 29, 2026. That repayment structure has created a split in the discussion. Creditors have been made whole in dollar terms and, in some cases, with added interest. At the same time, they did not receive the later appreciation in the assets that were sold to fund those payments. Legal Fights Continue as the “what if” Argument Grows Bankman-Fried is still serving a 25-year federal sentence and continues to challenge his conviction. Recent reports say he has pursued appeals and sought the recusal of Judge Lewis Kaplan, while his family has continued public efforts to revisit the case. The estate, meanwhile, is still pursuing clawback lawsuits, including a reported $1.8 billion suit against Binance. Other former executives have also seen developments in their cases. Gary Wang received no prison sentence in late 2024 after cooperating with prosecutors, while former Alameda Research chief Caroline Ellison was released from custody in February 2026 after serving 14 months. The broader question remains difficult to answer with certainty. On paper, FTX’s former holdings could now be worth far more than the cash raised during liquidation. But those gains depend on a scenario where the estate held risky and illiquid assets through years of market swings instead of converting them into funds used for creditor repayment.
