FTX’s bankruptcy estate recovered about $1.34 billion by selling its Anthropic stake in 2024, according to a November 11, 2026 BlockBeats report. The report contrasts that realized recovery with a far larger hypothetical value based on proposed IPO terms. The distinction matters: the larger figures are estimates for shares FTX no longer owns, not proceeds available to its creditors.
BlockBeats reported that Anthropic had publicly filed an amended S-1 for a proposed Nasdaq listing under the ticker ANT, with Goldman Sachs and Morgan Stanley as lead underwriters. It said a November 10 amendment set a proposed price range of $70–$78 per share for roughly 825 million Class A shares: about 801.35 million issued by the company and 23.65 million sold by existing shareholders. Underwriters would have an option for another 123.75 million shares. The report also described an approximately $26 billion placement of non-voting Class N shares, priced in line with the IPO, to strategic investors including Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.
At the time of publication, pricing around November 18 and trading from November 19 were expectations, not completed events. Using about 13.09 billion post-offering shares, BlockBeats estimated a valuation of roughly $917 billion to $1.02 trillion. It put the upper-end, fully diluted valuation—including options and restricted stock—at about $1.4 trillion. Those terms were below earlier market expectations of a possible $100 billion raise and a valuation as high as $2 trillion, though the report said the listing could still be among the AI sector’s largest.
What FTX sold—and what the comparison assumes
BlockBeats said Alameda Research, an FTX-affiliated trading firm, invested about $500 million in Anthropic during 2021–2022 for an approximately 7.84% stake, then equivalent to about 44.54 million Series B shares. After FTX filed for bankruptcy protection in November 2022, its estate sought liquidity to address a customer-asset shortfall and creditor claims. Following court approval, it sold about 29.5 million shares for $884 million in March 2024 and its remaining roughly 15 million shares for $452 million in June. The combined recovery was about $1.34 billion, or 2.68 times the original investment.
The report’s largest counterfactual—about $109.8 billion—assumes FTX had retained its stake and that the original 7.84% ownership had never been diluted, valued against the $1.4 trillion estimate. It described that figure as roughly 219 times the investment, or a 21,852% return. Against a commonly cited $8 billion customer-funds shortfall, $109.8 billion would be about 13.7 times that amount; the hypothetical $109.3 billion profit after subtracting the initial investment would be about 13.6 times. None of those calculations describes a recoverable bankruptcy asset.
BlockBeats also noted why the headline counterfactual overstates the comparison: subsequent financing diluted the original stake. It said the original shares, equivalent to about 445.4 million after a stock split, represented roughly 2.5% on the latest filing’s fully diluted share count. At the reported $70–$78 IPO range, those shares would have a theoretical value of about $31.1 billion–$34.7 billion, or around $35 billion using the report’s upper-end fully diluted valuation. That is still a hypothetical holding value, not a sale price or money owed to FTX creditors.
Original BlockBeats report, published November 11, 2026, at 09:56 UTC+08:00.