FTX通过太早出售其早期投资而错过了数十亿美元

FTX曾经是加密货币领域的杰出参与者，仍然显示出导致其崩溃的基本错误的迹象。

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是陷入困境的加密货币交易所，仍在为其基本错误而成为头条新闻，尤其是当您考虑本可以取得的潜在收益时。

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).

最明显的失误之一是出售其早期，高潜力的合作伙伴投资。这些决定可能使交易所恢复到数十亿美元的未实现收益（现在，加密社区现在都想知道这些是在压力下还是在愚蠢的举动下做出的“伙伴关系”决定）。

Key FTX Restructuring Outcomes for Customers

关键的FTX重组为客户的结局

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

FTX Estate出售了许多投资，远低于其价值。

Potential upside missed by FTX = $7.6 billion.

FTX遗漏的潜在上升空间= 76亿美元。

Repaid to customers so far = $1.2 billion.

到目前为止，向客户偿还= 12亿美元。

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

FTX所说的要偿还的金额= 147亿美元至165亿美元。

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

Anysphere：从$ 9B的火箭中退出200万美元

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最错过的机会之一是它在Cursor AI背后的公司Anysphere的早期投资。 2022年，FTX的贸易公司阿拉米达（Alameda）向Anysphere投资了200万美元。当时，这似乎是一场潜在的巨额回报的小赌博。但是，到2023年4月，FTX的遗产以相同的金额（仅$ 200万美元）出售了股份，这似乎是散发出未来的任何潜力。

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年晚些时候，Anysphere设法筹集了9亿美元，并获得了惊人的90亿美元的估值。 FTX的最初20万美元投资现在价值5亿美元。因此，您可以得到：Anysphere的5倍； FTX的2.5倍利润；在任何人的第一轮资金中错过了机会，这使我们我们收集了投资者的资金，而不是改变生活的利润。

Sui: A Missed $3.55 Billion from Mysten Labs

SUI：Mysten Labs错过了35.5亿美元

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退出策略的进一步值得注意的实例在与Mysten Labs和$ SUI令牌的互动中变得很明显。 FTX在2022年将一笔1.01亿美元的支票传给了Mysten的B系列资金回合，作为该安排的一部分，获得了股权和约8.9亿美元的Sui代币。当时，这似乎是一项合理的投资，这些代币将利用新兴的Defi生态系统资本化。

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.

尽管如此，在2023年4月，FTX的房地产卖掉了整个职位，实现了代币的9620万美元的价格，与代币支付的价格相比，损失了480万美元。快进到2025年5月，$ sui的交易价格约为4美元。最终转化为FTX的这种价值激增，缺少投资机会，该投资机会可能会增加其房地产增加35.5亿美元。谁知道 - 也许的投资者可能会以这种现金购买一些非常不错的庇护所。

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.

现在出售这个职位看起来更加遗憾，尤其是当您考虑到Mysten Labs真正在区块链空间中为自己起名字时，SUI可以继续上升。