FTX’s Potential Value if it Survived
It’s been over a year since FTX filed for bankruptcy and its founder, Sam Bankman-Fried, was convicted. However, there is speculation about how profitable the company could have been if it had survived. According to a report by Blockworks, FTX’s assets would be worth nearly $9.6 billion today based on the exchange’s balance sheet. This is a significant increase from the speculated value of $6.4 billion before the bankruptcy filing.
Major Holdings in Serum and Solana
FTX’s largest crypto holdings were in Serum (SRM) and Solana (SOL). The exchange held $2.19 billion worth of SRM and $0.98 billion worth of SOL. The surge in SOL’s price has contributed to the increase in FTX’s asset value, with SOL gaining over 400% in the past year.
Solana’s Recovery and Bankman-Fried’s Role
Bankman-Fried, one of Solana’s primary backers, would possibly be pleased with SOL’s recovery. However, this success cannot be attributed to him directly. The Solana ecosystem had to rebuild its image after facing challenges following the FTX and Alameda saga last year when SOL dropped to as low as $12.
Anthropic Investment Success
Despite Bankman-Fried’s misappropriation of funds and poor investment decisions, he found success with Anthropic. FTX has a $500 million investment in the AI startup, which has seen its value rise significantly to potentially reach $30 billion. This investment could further increase the total value of FTX’s assets if the current value of the stake in Anthropic is included.
Court Obstacles for Bankman-Fried
Bankman-Fried intended to use his investment in Anthropic as evidence of acting in good faith during his tenure as FTX’s CEO. However, Judge Lewis Kaplan blocked this move by the defense.
Hot Take: FTX’s Missed Potential and Bankman-Fried’s Mixed Legacy
FTX could have been a highly profitable crypto exchange if it had survived. The surge in crypto market prices has led to an estimated asset value of almost $9.6 billion for FTX. However, founder Sam Bankman-Fried’s misappropriation of funds and poor investments tarnish his legacy. Despite this, Bankman-Fried found success with his investment in Anthropic, which has skyrocketed in value. FTX’s bankruptcy filing and subsequent conviction highlight the challenges faced by crypto exchanges and the importance of responsible financial management.
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