FTX通過太早出售其早期投資而錯過了數十億美元

FTX曾經是加密貨幣領域的傑出參與者，仍然顯示出導致其崩潰的基本錯誤的跡象。

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是陷入困境的加密貨幣交易所，仍在為其基本錯誤而成為頭條新聞，尤其是當您考慮本可以取得的潛在收益時。

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).

最明顯的失誤之一是出售其早期，高潛力的合作夥伴投資。這些決定可能使交易所恢復到數十億美元的未實現收益（現在，加密社區現在都想知道這些是在壓力下還是在愚蠢的舉動下做出的“夥伴關係”決定）。

Key FTX Restructuring Outcomes for Customers

關鍵的FTX重組為客戶的結局

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

FTX Estate出售了許多投資，遠低於其價值。

Potential upside missed by FTX = $7.6 billion.

FTX遺漏的潛在上升空間= 76億美元。

Repaid to customers so far = $1.2 billion.

到目前為止，向客戶償還= 12億美元。

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

FTX所說的要償還的金額= 147億美元至165億美元。

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

Anysphere：從$ 9B的火箭中退出200萬美元

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.

FTX最錯過的機會之一是它在Cursor AI背後的公司Anysphere的早期投資。 2022年，FTX的貿易公司阿拉米達（Alameda）向Anysphere投資了200萬美元。當時，這似乎是一場潛在的巨額回報的小賭博。但是，到2023年4月，FTX的遺產以相同的金額（僅$ 200萬美元）出售了股份，這似乎是散發出未來的任何潛力。

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.

2025年晚些時候，Anysphere設法籌集了9億美元，並獲得了驚人的90億美元的估值。 FTX的最初20萬美元投資現在價值5億美元。因此，您可以得到：Anysphere的5倍； FTX的2.5倍利潤；在任何人的第一輪資金中錯過了機會，這使我們我們收集了投資者的資金，而不是改變生活的利潤。

Sui: A Missed $3.55 Billion from Mysten Labs

SUI：Mysten Labs錯過了35.5億美元

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.

FTX退出策略的進一步值得注意的實例在與Mysten Labs和$ SUI令牌的互動中變得很明顯。 FTX在2022年將一筆1.01億美元的支票傳給了Mysten的B系列資金回合，作為該安排的一部分，獲得了股權和約8.9億美元的Sui代幣。當時，這似乎是一項合理的投資，這些代幣將利用新興的Defi生態系統資本化。

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.

儘管如此，在2023年4月，FTX的房地產賣掉了整個職位，實現了代幣的9620萬美元的價格，與代幣支付的價格相比，損失了480萬美元。快進到2025年5月，$ sui的交易價格約為4美元。最終轉化為FTX的這種價值激增，缺少投資機會，該投資機會可能會增加其房地產增加35.5億美元。誰知道 - 也許的投資者可能會以這種現金購買一些非常不錯的庇護所。

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.

現在出售這個職位看起來更加遺憾，尤其是當您考慮到Mysten Labs真正在區塊鏈空間中為自己起名字時，SUI可以繼續上升。