Sam Bankman-Fried Venture Bets Could Have Hit $100B

A convicted crypto fraud case in the United States is back in focus after new estimates valued Sam Bankman-Fried’s former venture portfolio at nearly $100 billion. The figures point to early investments linked to FTX and Alameda Research that spread across major tech and crypto companies before the exchange collapsed in 2022.

A Forbes report says that before FTX failed, Bankman-Fried used Alameda Research to invest in several fast-growing companies. His bets included Anthropic, Cursor, Robinhood, and Solana, along with indirect exposure to SpaceX through K5 Global.

Besides crypto trading activity, Alameda also placed capital into early-stage tech firms. As a result, several of those companies later expanded sharply, pushing the paper value of those early stakes much higher in hindsight.

Early Bets That Reshaped Valuation Outlook

Investors and experts point to how those assets performed after the FTX collapse. Anthropic’s valuation rose sharply as demand for artificial intelligence accelerated, while Cursor also expanded alongside the AI coding boom. Robinhood and Solana recovered in public markets over the same period. However, bankruptcy proceedings removed all these assets from Bankman-Fried’s control.

Rory O’Driscoll of Scale Venture Partners said Bankman-Fried entered early into several AI-linked companies, including Anthropic and Cursor. He noted that the timing aligned with the broader post-2021 technology recovery.

Legal Fallout and Asset Liquidation Reshape Story

FTX collapsed in November 2022 after a liquidity crisis triggered mass withdrawals. The exchange later filed for bankruptcy and reported an estimated $8 billion shortfall. Prosecutors said customer funds were used for investments, political donations, and trading losses. Bankman-Fried stepped down as chief executive during the crisis.

Bankruptcy administrators later sold major assets from the estate, including stakes tied to Anthropic and other venture investments. However, current estimates suggest those holdings would now be worth much more if they had been kept. Anthropic’s valuation has risen sharply since then, while exposure linked to SpaceX and Robinhood would also have added significant value.

Judge Lewis Kaplan recently rejected Bankman-Fried’s request for a new trial, saying the claims lacked merit and relied on witnesses already known before the case. Bankman-Fried is serving a 25-year sentence in the United States. Besides his legal appeals, he has made limited public statements through approved channels, including commentary on policy and markets.

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