Technology
By Bruce Buterin
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Anthropic Stake Sold for $1.3 Billion, Now Worth $30 Billion. The Anthropic situation is probably the most painful one.
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Solana Tokens Sold at $64, Peaked at $293. Solana is another case that stings. Alameda had been an early backer of the network, and the…
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Mysten Labs Buyback and the Pattern of Forced Exits. It wasn't just the headline names. In 2023, Mysten Labs — the team behind the Sui blockchain —…
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Sam Bankman-Fried's collapsed empire sold off some of the best tech bets of the decade — at the worst possible prices.
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The numbers are brutal. A $200,000 seed check that Alameda Research wrote for Anysphere — the company behind AI coding tool Cursor — bought a 5% stake.
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The Anthropic situation is probably the most painful one. FTX put $500 million into the AI firm back in 2021, locking in an 8% stake.
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John J. Ray III, the restructuring veteran brought in to manage the FTX estate, was operating under court-directed timelines. Speed mattered more than upside.
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That's the core tension here. Every sale was technically correct — approved by courts, structured to maximize near-term recovery.
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Solana is another case that stings. Alameda had been an early backer of the network, and the estate ended up offloading roughly 30 million locked SOL tokens at $64 each through a…
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Thirty million tokens at $64 is about $1.92 billion. At $293, that same stack would've been worth close to $8.8 billion. Even at today's $74, it's $2.
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Related: Ethereums SPHINCS+ Proposal Cuts Post-Quantum Signature Cost to 7 Cents
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Robinhood's story is similar. Bankman-Fried's investment vehicle, Emergent Fidelity Technologies, had built up a 7.6% stake in Robinhood worth roughly $648 million at acquisition.
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So the Marshals sold at $10.96. The stock kept climbing. That's not really anyone's fault in the traditional sense — the seizure and sale were legally mandated — but it's still a…
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It wasn't just the headline names. In 2023, Mysten Labs — the team behind the Sui blockchain — repurchased FTX's equity and token warrants for about $96 million.
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The pattern is pretty consistent across all of these deals. The estate needed liquidity fast. Courts set deadlines. Buyers knew the seller was distressed and couldn't wait.
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