The FTX bankruptcy estate sold all 44,539,240 of its Anthropic Series B shares in 2024 for $1,336,377,627, according to its filings in the Delaware bankruptcy court. At $74, the midpoint of the $70.00 to $78.00 range in Anthropic’s S-1/A of 10 November, the same shares would be worth about $33.0 billion, by our arithmetic: about 25 times what the estate received.
Cointelegraph put the figure at “over $30B” in a post on X at 09:40 UTC today. We rebuilt it from the court record: the share count from the estate’s own motion, the two sale prices from its sale notices, and the conversion from the S-1/A. Our number assumes each Series B share converts into 10 Class N common shares, as the filing’s note on the September stock split implies.
Business Pill · IPO Float
A short explainer on IPO float, the share of a company sold in its listing. It teaches the general idea and does not discuss the FTX estate or its shares.
The key insight: As we read it, the FTX estate’s court filings and Anthropic’s S-1/A together price one block of stock twice: 44,539,240 Series B shares sold for $1,336,377,627 in 2024, or $30.00 a share, and worth about $33.0 billion at the $74 midpoint of the IPO range, by our arithmetic, assuming 10 Class N shares per Series B share. The gap is about 25 times.
The estate’s motion of 3 February 2024 says Clifton Bay Investments, formerly Alameda Research Ventures, bought a modified SAFE from Anthropic on 5 October 2021 for $500,000,000. On 13 May 2022 it converted into 44,539,240 Series B preferred shares at $11.2261 each. The motion says Clifton Bay held about 13.56% of Anthropic after the Series B closed and about 7.84%, fully diluted, by January 2024.
Judge John T. Dorsey approved the sale procedures on 23 February 2024. In the first sale, filed on 22 March 2024, 24 purchasers agreed to buy 29,465,891 shares, 66.2% of the estate’s holding, for $884,109,327, according to the declaration of Bruce Mendelsohn of Perella Weinberg Partners, the estate’s banker. CNBC reported that ATIC Third International Investment Co., aligned with Mubadala, was buying nearly $500 million of the shares and Jane Street almost $100 million.
The second notice, dated 31 May 2024, lists 21 purchasers of the remaining 15,073,349 shares for $452,268,300. The largest was G Squared VI Holdco, with 4,499,325 shares for $134,999,997, followed by Fund FG-BLU, a series of Forge Investments, with 2,266,141 shares for $67,994,428. The two sales add up to the 44,539,240 shares in the motion, by our arithmetic.
The FTX estate’s 44,539,240 Anthropic Series B shares: the $500 million FTX’s affiliate paid in 2021, the $1,336,377,627 the estate received in its two 2024 court-supervised sales, and the value at the $70, $74 and $78 marks of the S-1/A range of 10 November 2026. Values are our arithmetic, assuming 10 Class N shares per Series B share after the 10-for-1 split adjustment, gross of taxes and lock-ups.Price per Anthropic Series B preferred share at each recorded transaction: $11.2261 when FTX’s affiliate converted its SAFE (May 2022), $30.00 in the estate’s two sales (March and May 2024, our arithmetic from the totals), $140.9676 in the October 2025 repurchase from the US government (S-1/A), and $740 at the $74 IPO midpoint, our arithmetic at 10 Class N shares per Series B share. Log scale.
What Was Posted on X
๐จ LATEST: FTXโs former Anthropic stake would be worth over $30B at the AI companyโs proposed IPO price.
FTXโs bankruptcy estate sold the stake for $1.34B in 2024.
Cointelegraph posted on X at 09:40 UTC on 11 November that FTX’s former Anthropic stake would be worth over $30B at the proposed IPO price, and that the bankruptcy estate sold it for $1.34B in 2024. The post gives no share count or method; this piece rebuilds the figure from the estate’s court filings and Anthropic’s S-1/A.
Our Numbers
Across both sales the estate received $1,336,377,627, or $30.00 a share, by our arithmetic. Anthropic’s S-1/A says it effected a 10-for-1 split of its Class A and Class N common stock on 17 September 2026 and that the conversion rate of its preferred stock “was proportionately adjusted to factor in the stock split”. On that basis the 44,539,240 Series B shares become 445,392,400 Class N shares.
At the range, by our arithmetic, those shares are worth $31.2 billion at $70, $33.0 billion at $74 and $34.7 billion at $78. That is 23.3 to 26.0 times the $1.34 billion the estate received, and 62.4 to 69.5 times the $500 million FTX’s affiliate paid in 2021. The block equals about 3.7% of the 11.93 billion Class A and Class N shares the S-1/A counts before the offering.
The same multiple applies to each buyer, because both sales priced at $30.00 a share. By our arithmetic, G Squared’s 4,499,325 shares, bought for $135.0 million, come to $3.33 billion at $74. The 29,465,891 shares in the March 2024 sale come to $21.8 billion, and the 15,073,349 in the May sale to $11.2 billion.
Per Series B share, the path runs from $11.2261 at FTX’s conversion to $30.00 in the estate’s sales, then to $140.9676 in October 2025, when the S-1/A says Anthropic repurchased 4,453,900 forfeited Series B shares from the US government and resold them to nine investors, as covered in our piece on that sale. At $74, one Series B share converts into $740 of stock, by our arithmetic.
The Structural Read
As we read the filings, the estate sold before Anthropic’s later rounds re-priced the class: both 2024 sales cleared at $30.00 a share, and the next Series B price in the S-1/A, $140.9676 in the October 2025 repurchase from the US government, was about 4.7 times that, by our arithmetic.
As we read the numbers, the block’s weight fell as its value rose: the motion put Clifton Bay at about 13.56% of Anthropic after the Series B and about 7.84% by January 2024, while the same shares are about 3.7% of the Class A and Class N count before the offering, by our arithmetic.
FTX Debtors’ motion, Doc 6952, 3 February 2024
“Anthropicโs Series B Preferred Stock and other series of preferred securities are generally issued to outside investors and convertible into shares of Anthropicโs N-Class Common Stock or Voting Common Stock, as applicable, upon certain events, including an IPO or SPAC transaction”
Three Implications
FOR THE 2024 BUYERS Both estate sales priced at $30.00 a share, so every buyer’s paper multiple at the $74 midpoint is the same, about 24.7 times, by our arithmetic.
FOR THE PRICE RANGE Each $1 move in the IPO price changes the block’s value by about $445 million, by our arithmetic.
FOR THE CAP TABLE The S-1/A lists Series B among the preferred series that convert into Class N common stock immediately prior to the completion of the offering.
The framework records: “the capex race is no longer a corporate spending cycle. It is a sovereign-scale financing problem dressed in tech-company clothing”.
As we read it, the FTX sale is a small early instance: CNBC reported that the largest buyer in March 2024 was ATIC Third International Investment Co., aligned with Mubadala, a sovereign wealth fund in the United Arab Emirates. The framework predates the filings and does not discuss the FTX estate.
What Is Not Established
The IPO is not priced; the S-1/A gives an estimated range of $70.00 to $78.00, and our values move with it. The filing’s split note does not give a per-series conversion ratio, so the 10-for-1 conversion for Series B is our reading of it. Our values are gross: they take no account of lock-ups, taxes or any later trades by the 2024 buyers, which the documents we read do not cover.
The March 2024 notice’s full purchaser list sits in an exhibit we did not read; the ATIC and Jane Street amounts above are CNBC’s report of that filing. The timetable for pricing and first trading is in our IPO day-by-day piece, and the wider picture in Anthropic’s IPO map.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
The FTX estate sold its 44,539,240 Anthropic Series B shares for $1.34 billion in 2024, at $30.00 a share; at the $74 midpoint of Anthropic’s IPO range those shares convert into about $33.0 billion of stock, by our arithmetic, about 25 times the sale price.
A note on sourcing. We read the FTX Debtors’ motion of 3 February 2024, the court’s sale-procedures order of 23 February 2024, the Perella Weinberg declaration filed with the March 2024 sale notice and the May 2024 sale notice with its purchaser list, all on the Kroll case docket, plus CNBC’s report of 25 March 2024 for the March buyers’ amounts and Anthropic’s S-1/A filed with the SEC on 10 November 2026.
Cointelegraph’s post on X prompted the piece. Totals, per-share prices, values and multiples are our arithmetic. Neither Anthropic nor the FTX estate was contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
