FTX Missed Out on Billions by Selling Too Soon Its Early-Stage Investments

Once a prominent player in the cryptocurrency sector, FTX still shows signs of basic errors that have contributed to its collapse.

FTX, the beleaguered cryptocurrency exchange, is still making headlines for its basic errors, especially when you consider the potential gains that could have been made.

FTX, the beleaguered cryptocurrency exchange, is still making headlines for its basic errors, especially when you consider the potential gains that could have been made.

One of the most apparent blunders was selling too soon its early-stage, high-potential partnership investments. Those decisions have likely set the exchange back to the tune of billions in unrealized gains (the crypto community is now left to wonder if these were really “partnership” decisions made under pressure or just plain dumb moves).

Key FTX Restructuring Outcomes for Customers

Key FTX Restructuring Outcomes for Customers

FTX estate sold numerous investments for far less than their worth.

Potential upside missed by FTX = $7.6 billion.

Repaid to customers so far = $1.2 billion.

Amount to be repaid, stated by FTX, = $14.7 billion to $16.5 billion.

Anysphere: A $200K Exit from a $9B Rocket

One of the most missed opportunities for FTX was its early investment in Anysphere, the company behind Cursor AI. In 2022, Alameda, FTX’s trading firm, invested a modest $200K into Anysphere. At the time, it seemed a small gamble for a potentially big payoff. However, by April 2023, the estate of FTX sold the stake for the same amount—just $200K—seemingly writing off any future potential.

Later in 2025, Anysphere had managed to raise $900 million and achieved a valuation of a staggering $9 billion. FTX’s initial $200,000 investment would now be worth an estimated $500 million. And from that, you get this: 5x for Anysphere; 2.5x profit for FTX; and a missed opportunity on Anysphere’s first round of funding that had us recoup investors’ funds instead of bagging life-changing profits.

Sui: A Missed $3.55 Billion from Mysten Labs

A further notable instance of FTX’s exit strategy became evident in its interactions with Mysten Labs and the $SUI token. FTX channeled a $101 million check into Mysten’s Series B funding round in 2022, securing both equity and around 890 million $SUI tokens as part of the arrangement. At the time, it appeared to be a sound investment, with these tokens set to capitalize on the burgeoning DeFi ecosystem.

Nevertheless, in April 2023, FTX’s estate sold off its entire position, realizing a price of $96.2 million for the tokens—a loss of $4.8 million compared to the price it paid for the tokens. Fast forward to May 2025, and $SUI is trading at about $4 a token. This surge in value ultimately translated into FTX missing out on an investment opportunity that could have seen its estate increase by an additional $3.55 billion. And who knows—maybe investors could have bought some really nice shelters for that kind of cash.

Selling this position looks even more regrettable now, especially when you consider how much $SUI could keep going up if and when Mysten Labs really makes a name for itself in the blockchain space.