FTX’s investment portfolio could have been worth approximately $114 billion today had its assets not been liquidated following the company’s collapse in 2022, according to estimates based on current valuations.
At the time of its bankruptcy, administrators moved quickly to sell off holdings to repay creditors, effectively locking in losses and forfeiting exposure to what has since become one of the strongest rallies in technology and artificial intelligence assets.
The missed upside highlights the dramatic surge in valuations across AI, crypto, and private tech companies over the past two years.
AI and Tech Holdings Drove Massive Hypothetical Gains
A significant portion of the unrealized gains would have come from investments in artificial intelligence and high-growth technology companies.
Anthropic alone would account for approximately $82.3 billion of the total, reflecting a roughly 165x increase in value. SpaceX holdings could be worth around $15 billion, representing a 75x gain.
Other positions include Cursor at an estimated $3 billion an extraordinary 15,000x return along with Robinhood at $4.9 billion (8x) and Genesis Digital at $3.5 billion (3x).
FTX also held a substantial position in Solana, now valued at approximately $5.1 billion, reflecting a 27x increase since the liquidation period.
As previously covered, the AI boom has driven unprecedented capital inflows into both public and private markets, significantly boosting valuations across the sector.
Market Lessons Highlight Timing and Forced Liquidation Risks
The case underscores the impact of forced liquidation during periods of market stress, where assets are often sold at depressed valuations to meet immediate obligations.
While the strategy helped repay creditors, it eliminated exposure to long-term growth themes that later delivered outsized returns.
Analysts note that such scenarios are common in financial crises, where liquidity pressures override investment horizons.
For investors, the example reinforces the importance of balance sheet resilience and risk management, particularly in volatile markets.
At the same time, the scale of the hypothetical gains reflects broader market dynamics, including the rapid expansion of AI valuations and the recovery of risk assets following the downturn.
The FTX case serves as a stark illustration of how timing, leverage, and liquidity constraints can significantly influence long-term investment outcomes.
