Nansen CEO Alex Svanevik identified that if Binance founder Changpeng Zhao (CZ) had accomplished the acquisition of FTX in November 2022, it will have change into one of the vital useful enterprise portfolios within the historical past of expertise by now.
Sam Bankman Fried’s private and FTX-related investments, which embrace an 8% stake in Anthropic, 5% in Cursor and publicity to SpaceX, at the moment are price greater than $100 billion, in keeping with a Forbes evaluation launched in Could.
What precisely did CZ stroll away from?
Earlier than the collapse of FTX, the portfolio Bankman Freed had constructed was surprisingly sturdy. In response to Forbes journal and different reviews, this included an 8% stake in Anthropic, a 5% stake in Cursor, publicity to SpaceX, and different holdings similar to Robinhood and Solana.
In November 2022, Binance terminated the acquisition settlement with the corporate, and instantly after that, the change has collapsed.
Had Binance accomplished the acquisition of FTX, these investments would have been moved to Binance’s stability sheet.
However as an alternative, they have been despatched to chapter courtroom, the place FTX Actual Property bought them to repay collectors. Cursor shares have been bought again to the founders in 2023 for simply $200,000, however SpaceX acquired Cursor shares at a valuation of $60 billion, so the shares at the moment are price about $3 billion.
FTX invested roughly $500 million in Anthropic. The AI firm is now valued at greater than $600 billion, with some estimates pegging it nearer to $900 billion. Every share may now be price greater than $70 billion.
Mr. Bankman Fried had amassed about $60 million when SOL was about $8, and was price about $21 billion at its peak.
Nansen CEO Alex Svanevik Portfolio breakdown has been posted. In a letter to X on June 19, he referred to as the choice “a uncommon CZ failure in hindsight.”
Rory O’Driscoll, a associate at Scale Enterprise Companions, mentioned Bankman Freed had an uncanny potential to choose successful corporations even earlier than the AI increase.
Why did CZ pull out of the acquisition settlement with FTX?
Memoirs of Mr. Zhao“Cash Freedom,” printed in April 2026, describes Bankman Freed calling individuals in November 2022 and demanding billions of {dollars} “as casually as if he have been ordering a bologna sandwich.”
Mr. Zhao signed a non-binding letter of intent (LOI), however mentioned he had no intention of truly continuing with the deal as a result of he had no real interest in proudly owning FTX or supporting SBF. He mentioned the LOI is “purely a formality” so his group can have a look at FTX’s numbers and think about whether or not it helps shield prospects.
The deal fell aside inside 72 hours, and Binance publicly withdrew from the acquisition on November 9, 2022, citing “alleged mishandling of buyer funds and investigation by U.S. authorities businesses.”
Zhao additionally writes in regards to the time Alameda Analysis CEO Caroline Ellison publicly provided to purchase again Binance. $FTT She made a “deadly mistake” when she held the tokens at $22 every.
By exhibiting the market the place the worth ground is, skilled merchants started shorting the token, pulling the token beneath that degree. $FTT It fell from $22 to $5 in three days, and about $6 billion in withdrawals left FTX.
Throughout an look on the All In Podcast in February 2026, Chao talked about that Bankman Freed was lobbying Binance in Washington, D.C., however claimed that he nonetheless stood by his determination to promote his stake in Binance. $FTT The possession was not a deliberate assault.
Sarcastically, Binance’s personal $FTT Its holdings, as soon as price $580 million, have been “mainly nugatory” after the collapse, Zhao wrote.
