数字Tycoon
06/17 07:10
One of FTX’s Biggest Misses? $200K Cursor Stake Now Worth $3 Billion
The FTX estate transferred a 5% stake in Anysphere at cost ($200,000) in 2023, which, following the firm’s current valuation, is projected at $3 billion.
The bankruptcy administration liquidated an 8% stake in Anthropic shares in 2024 for $1.3 billion, a capital block that reached a higher notional value after subsequent funding rounds.
Forced divestments included the sale of 55.3 million Robinhood shares at $10.96 per unit and 30 million Solana (SOL) tokens at an approximate price of $64.
The administration of the FTX estate generated substantial financial debate within the venture capital environment after recent valuations of its former tech investments were confirmed. The institutional urgency to compensate affected creditors impacted the long-term retention of assets in early stages of development.
In 2023, FTX sold its 5% stake in Cursor for $200k as part of its bankruptcy proceedings.
Today, that stake would be worth over $3,000,000,000 after SpaceX $SPCX acquired the startup for $60 billion. pic.twitter.com/u9PvAfMsrw
— Watcher.Guru (@WatcherGuru) June 16, 2026
The firm Alameda Research, the trading arm of the former conglomerate, issued a $200,000 check to Anysphere during a pre-seed round in 2022. This capital injection secured approximately 5% of the entity behind the AI tool Cursor, according to ownership records reviewed by Forbes. During 2023, the liquidators of the case chose to sell that position for the same nominal purchase value, considering it a minor asset on the balance sheet.
High-impact revaluations in artificial intelligence and financial markets
The scale of the missed commercial opportunity became evident this week following the confirmation of SpaceX’s acquisition agreement of Anysphere for a value of $60 billion. Under the terms of the merger agreement, the 5% stake previously discarded by the bankruptcy liquidators would represent a theoretical valuation of $3 billion today.
The phenomenon of rushed liquidation was repeated in the case of the safety and artificial intelligence firm Anthropic. The original FTX management team allocated nearly $500 million to the firm in 2021, granting it an ownership share close to 8%. With due authorization from the bankruptcy court, the administration of the FTX estate completed the sale of this stake in two tranches during 2024.
The first block was transferred in March 2024 to a group of institutional buyers for $884 million. The remainder was liquidated in June of the same year for a total of $452 million.
Anthropic data confirms that the company subsequently completed a Series G funding round worth $30 billion, raising its post-money valuation to $380 billion in February 2026. At that scale of capitalization, the exchange’s original 8% would have exceeded a valuation of $30 billion in the private market.
The forced liquidation strategy similarly covered listed assets and blockchain protocols. Through the vehicle Emergent Fidelity Technologies, the platform controlled 7.6% of Robinhood shares, originally acquired for $648 million in 2022. Following the group’s bankruptcy, the United States Marshals Service executed the sale of 55.3 million of these shares in 2023 at a unit price of $10.96, generating $605.7 million. That same share volume would trade above $5 billion under Robinhood’s current capitalization.
In the crypto segment, the Galaxy Digital fund and the firm Pantera Capital bought the majority of a batch of 30 million locked Solana (SOL) tokens at a price of $64 per unit in 2024. The crypto-asset recorded a peak price close to $293 in early 2025, before stabilizing in the $74 zone by mid-2026. On the other hand, Mysten Labs repurchased its own shares and Sui (SUI) token warrants in 2023 for an amount of $96 million.
The management led by restructuring specialist John J. Ray III prioritized obtaining immediate liquidity according to the schedule dictated by the bankruptcy court. Although these early sales facilitated progress toward full reimbursement for the affected users, the gap between exit prices and 2026 valuations exposes the financial impact of emergency liquidations during phases of technological expansion.
The definitive closure of the bankruptcy process and the final distribution of recovered funds will mark the outcome of this restructuring in the coming months.
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