SBF Index

Method

How the index works

One question: what would FTX and Alameda's venture investments be worth today if the bankruptcy estate had never sold them? Here is exactly how we answer it, and where the answer is soft.

The rule

Take every position the estate inherited on Nov 11, 2022, hold the share or token count fixed, and price it every day since Jan 1, 2021. No trading, no new money, no dilution beyond what the companies actually issued.

How each position is priced

  • Anthropic: 44,539,240 Series B shares (445,392,400 after the 10-for-1 split). Funding-round prices until the first pre-IPO perpetual future traded in Nov 2025, then the perp's implied valuation (Hyperliquid vntl:ANTHROPIC, then io:ANTH) times 2.5045%, the block's share of the S-1's fully diluted count. When Anthropic lists, the Nasdaq price replaces the perp.
  • Solana: the estate's SOL quantity (from D.I. 2463-1) times the daily close. Live from Coinbase.
  • Robinhood: 55,273,469 HOOD shares times the daily close. Live from Nasdaq during market hours.
  • SpaceX, via the K5 fund: $300M at cost until SpaceX listed on Jun 12, 2026, then the fund's exposure ($189.7M per $100B of SpaceX value) times the SPCX price. The estate still holds this one.
  • Cursor: about 3% at each priced round. After SpaceX bought Cursor in an all-stock deal (closed Aug 14, 2026), it moves with SPCX. The 3% is not confirmed by a filing.
  • Mysten Labs: cost until SUI launched in May 2023, then 367.75M SUI times the price.
  • Genesis Digital and about 440 other positions: cost until May 2022, written down in a straight line to today's estimates by Dec 2022 ($290M for Genesis, $550M for the long tail). Most of these have no market price at all. This is the softest part of the index, about 1.3% of it.

The comparison lines

The S&P 500 and bitcoin lines put the same dollars in on the same dates as FTX did, then hold. "What the estate got" adds up the cash from each sale on the day it closed: about $""" + f"6.2" + """B in total.

Live, and how often

Anthropic and crypto prices stream to your browser every few seconds. Stocks update every minute while Nasdaq is open. The daily history refreshes itself every hour from free daily closes. The full daily series since Jan 1, 2021, with each position, is a free CSV.

Known weak spots

  • The long tail is an estimate. 430 positions have no current price; we carry them at a combined $550M. Some of them were sold by the estate at prices listed on the sales page.
  • Genesis Digital (now SWI Digital) is carried at $290M. Whether the trust still holds its stake is unclear.
  • Cursor's 3% and the K5 fund's SpaceX share come from reporting, not court filings.
  • A real $5B SOL position could not have been sold at screen prices. Like any index, this marks to market.
  • Before Anthropic lists, its price is Entropy's perpetual future on Hyperliquid (io:ANTH), which can drift from where the IPO prices. trade.xyz's xyz:ANT is a second market for the same thing.

Corrections

  • Oct 27, 2026: buyer count corrected to 38 buyers across 45 purchases (the court schedules list some buyers twice).
  • Oct 26, 2026: Anthropic's S-1 put the stake at 2.5%. On Oct 22 we had estimated 2.7% from round prices. Every number now uses the S-1.
  • Oct 26, 2026: the headline moved from the Notice.co secondary price to the live pre-IPO perp, so the index can update in real time.

Found a mistake? Email hi@sbfindex.com. Corrections are posted here within a day.

Citing a specific day

Every day since Jan 1, 2021 has a permanent page that doesn't change, for example /on/2022-11-11 (the bankruptcy) or /on/2026-10-26 (the S-1). Cite those when you need a number that stays put.

Who made this

Zach Noble (@noble1noble1 ↗ on X, LinkedIn ↗). Independent; not affiliated with Anthropic, FTX, the FTX Recovery Trust or Supertake. Not financial advice. FTX invested its customers' money; this site tracks what those investments became.