Binance disclosed that it abandoned a planned acquisition of FTX in November 2022, a move that a May 2024 Forbes analysis suggests would have placed a venture portfolio worth more than $100 billion on its balance sheet.
Background of the Proposed Deal
CEO Changpeng Zhao (CZ) had been negotiating with Sam Bankman‑Fried to purchase the distressed exchange before the collapse of FTX. The talks collapsed in November 2022, and Binance subsequently withdrew from the transaction, leaving the assets to enter bankruptcy proceedings. The FTX estate later liquidated those holdings to satisfy creditor claims.
Potential Value of the Missed Portfolio
Forbes reported that Sam Bankman‑Fried’s personal and FTX‑linked investments included an 8 percent stake in Anthropic, a 5 percent share in Cursor, and exposure to SpaceX, along with positions in Robinhood and Solana. The Anthropic stake, originally purchased for $500 million, could now be valued at over $70 billion given the AI company’s market valuation that has surged past $600 billion and approaches $900 billion.
The Cursor stake was sold back to its founders for just $200 000 in 2023; however, after SpaceX acquired Cursor at a $60 billion valuation, that same 5 percent interest would be worth roughly $3 billion on the current market. Together, these assets would have added a multi‑billion‑dollar boost to Binance’s crypto balance sheet.
Implications for Binance and the Crypto Market
Missing the FTX acquisition means Binance forgoes a portfolio that could have positioned it as one of the most valuable venture holders in tech history. Investors now view the decision as a lost opportunity to diversify Binance’s blockchain exposure and to capture high‑growth AI and space‑tech assets. The episode underscores how strategic choices can reshape market dynamics and influence the valuation of crypto‑related enterprises.