Sam Bankman-Fried’s Old Bets Are Now Worth $61B, But FTX Sold Them For $6B
The startups and coins Sam Bankman-Fried bought with FTX and Alameda money would be worth about $61.3 billion today, almost 10 times the $6.2 billion his bankrupt empire got for selling them.
Key Takeaways
- The SBF Index puts Bankman-Fried’s old venture portfolio at $61.3 billion, against $5.3 billion put in and $6.2 billion raised by the bankruptcy estate
- One bet does most of the work: a $500 million stake in Anthropic that the estate sold for $1.34 billion in 2024 and that is now valued at about $42.8 billion
- Court records show who bought it, led by Abu Dhabi’s ATIC, which paid $500 million for a stake now valued at about $16 billion
- Most of his other 460 bets lost money, and the same cash in the S&P 500 or Bitcoin would be worth only $10.3 billion or $11.4 billion
What The SBF Index Measures
The tracker, compiled by Zach Noble, asks a simple question: what if FTX’s bankruptcy estate had never sold anything? It follows 461 positions that FTX and its trading arm Alameda Research bought in 2021 and 2022, and marks each one to its market price every day.
The answer, as of Friday, is $61.3 billion. That is 11.5 times the $5.3 billion Bankman-Fried put in. The estate actually raised $6.2 billion by selling the holdings in 2023 and 2024, which leaves about $55 billion of gains that went to whoever bought them.
Source: SBF Index estimates as of Oct. 30, 2026. “Worth now” is what each holding would be worth if never sold.
The $500 Million Anthropic Bet
In 2021, FTX put $500 million into Anthropic, then a young AI lab, through a company called Clifton Bay Investments. After FTX collapsed in November 2022, the estate sold the stake in two batches.
In March 2024, it sold 29.5 million shares for $884 million, court records show. In May 2024, it sold the remaining 15.1 million shares for $452 million, according to a second filing. In total, the estate got $1.34 billion, or $30 a share. That was nearly three times what FTX paid, and the judge approved both sales after an open bidding process.
Then Anthropic took off. Its shares have since split 10 for 1, so FTX’s old stake would now be about 445 million shares. Anthropic sold its Series H shares in May and June 2026 at $589.01 each before the split, about $58.90 after it, raising $45.7 billion, its IPO filing shows. At that price alone, the old FTX stake would be worth about $26 billion.
The index goes further and uses a pre-IPO trading price of about $96 a share, which values the stake at $42.8 billion. By the same filing, CEO Dario Amodei owns 240.6 million shares, so Bankman-Fried’s stake would have been bigger than the CEO’s own.
Who Got The Gains
The court records name the buyers, and some of them have done very well.
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Source: FTX court filings for prices paid, SBF Index for current value.
ATIC, an investment vehicle backed by Abu Dhabi’s Mubadala, bought 16.7 million shares for just under $500 million in the first sale, the largest single purchase. Thirty-four other buyers, from Fidelity funds to the Ford Foundation, shared the rest.
Did The Estate Get It Wrong?
With hindsight, yes, by tens of billions of dollars. But the people running the bankruptcy were not trying to time the AI boom. Their job was to turn assets into cash and repay customers who lost money when FTX froze withdrawals.
On that measure they did better than almost anyone expected. Customers have received about 105% of their claims, and small claimants about 120%, according to the FTX Recovery Trust figures the index cites. The catch is that claims were fixed in dollars on the day FTX went bust in November 2022, when Bitcoin traded near $16,000. It now trades around $77,500, so a customer who had Bitcoin on FTX got back far less in Bitcoin than they left there.
Anthropic in early 2024 was also a very different bet. It was losing money, and nobody knew it would file to list on Nasdaq under the ticker ANT two and a half years later.
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A Portfolio Built On A Few Huge Winners
The headline number hides how lopsided the portfolio was. About 440 smaller bets cost $2.48 billion and are now worth about $1.36 billion, a loss of nearly half. The $1.15 billion put into Bitcoin miner Genesis Digital is now valued at about $290 million.
Nearly all the gains come from a handful of positions. Anthropic alone makes up about 70% of the index. A $200,000 check into Cursor, the AI coding tool, is valued at nearly $3 billion. Those few wins are why the same money would have done far worse in the S&P 500, at $10.3 billion, or in Bitcoin, at $11.4 billion, according to the index.
Why Other Estimates Were Even Higher
Several major outlets have put FTX’s Anthropic stake at $64 billion to $80 billion this year. The index says those figures took FTX’s early ownership of about 8% and multiplied it by Anthropic’s latest valuation. That ignores the many new shares Anthropic sold in later rounds, which shrank FTX’s slice to about 2.5% by the index’s count of the shares listed in the IPO filing.
How Reliable The Numbers Are
The index is an independent project, not an official valuation. Its biggest input, Anthropic’s price, comes from a pre-IPO trading market rather than a stock exchange, so it can swing sharply. The index fell about 5% on Friday alone and is down from a peak of $76.1 billion on Sept. 9, 2026. The court figures for what the estate received, and the share counts in Anthropic’s filing, are public records anyone can check.
What To Watch
Anthropic’s Nasdaq debut will give the stake its first real market price, and the index will switch to that price once trading starts. The estate still holds its SpaceX stake through outside funds, valued at about $3.55 billion, so one of Bankman-Fried’s bets is still paying off for the people he owed. He will not share in any of it. Bankman-Fried is serving a 25-year prison sentence for fraud.
