A spreadsheet SBF used in November lists nearly 500 alleged VC investments by Alameda, including in Circle, Genesis, Sky Mavis, Paxos, StarkWare, and Anchorage

Financial Times 2022-12-07

Context & Ripple Effects

Days after reporting that Alameda's largest single venture position was a $1.15B bet on Bitcoin miner Genesis Digital, the Financial Times has surfaced the spreadsheet SBF himself used in November: nearly 500 alleged VC investments spanning Circle, Genesis, Paxos, StarkWare, Anchorage, and Sky Mavis. The picture that emerges is a proprietary-trading balance sheet functioning as one of crypto's most prolific startup investors.

The document matters because it converts an abstract insolvency into a recoverable asset map — every named company is now a line item in the FTX/Alameda estate, and the breadth suggests customer funds were spread far beyond the headline trading losses.

First-order effects

The named portfolio companies — Circle, Paxos, Anchorage, StarkWare, Sky Mavis, Genesis — now carry an Alameda provenance they must disclose to their own investors, customers, and regulators, since accepting funds traceable to FTX customer money creates legal and reputational exposure.

Second-order effects

The estate's need to liquidate hundreds of illiquid startup stakes creates a forced-seller overhang across crypto venture valuations, while any startup still raising must answer diligence questions about whether Alameda sits on its cap table.

Third-order effects

If the pattern holds, balance-sheet investors like Alameda get structurally separated from the startups they fund — the same transparency pressure visible when a mistakenly released FDIC document exposed SVB's depositor list — and crypto capital formation consolidates toward dedicated funds, consistent with PitchBook's count of active US VCs shrinking well below its 2021 peak.

The trend: Crypto venture portfolios assembled by trading-firm balance sheets are being unwound into forced sales and disclosure obligations, accelerating the separation of proprietary trading from startup investing.

Discussion

@lawmaster Larry Cermak on x
Because I'm incredibly autistic, I exported all the Alameda investments (more than 470!) from the FT piece. The total amount invested is roughly $5.3 billion. The largest investments are: 1) Genesis Digital Assets 2) Anthropic 3) Digital Assets DA AG 4) K5 5) IEX https://twitter.…
@mayhem4markets @mayhem4markets on x
Leaked document claims Alameda CEO Caroline Ellison's personal FTX margin position was negative $1.3B in May of 2022 https://twitter.com/...
@basedkarbon @basedkarbon on x
“Where did all the money go?” https://twitter.com/...
@adamsinger Adam Singer on x
Turns out, Alameda was really just the PPP loan of the crypto sector. Free helicopter money for all! 🤑 https://twitter.com/...
@ercwl Eric Wall on x
The egregiousness of the fraud and how it slipped between our top investors fingers is an embarrassment. It makes our industry look like we are corrupted by greed and fast money while skimming on the DD.
@arthur_0x Arthur on x
The 3AC + FTX/Alameda venture assets sales will be the best reflection of the crypto venture market valuation post-FTX collapse. Collectively they covered more than 70% of the top venture deals over past 2 years I expect at least 50% discount for most of the assets on their book …
@adamscochran Adam Cochran on x
This is genuinely the worst VC portfolio construction I've ever seen, including a lot of circular dealing, and investments that are clearly favors to friends. These guys didn't know how to price anything and spent money like drunken sailors. https://www.ft.com/...
@wublockchain Wu Blockchain on x
The two largest investments, the $1.15 billion investment in Genesis Digital, a cryptocurrency mining company, and the $500 million investment in Anthropic, founded by OpenAI employees, are ridiculous.
@ldrogen Leigh Drogen on x
This likely goes down as the worst ever performing $5B VC fund...... by a lot https://twitter.com/...
@iankar_ Ian Kar on x
Damn looks like Alameda did a lot of fintech investing, including a $100m convertible note into Dave (plus a $15m PIPE investment), $270m into IEX, $35m into Chipper Cash, $18m into Stocktwits, & $18m into DriveWealth https://www.ft.com/...
@jackfarley96 Jack Farley on x
If SBF raised any money using these valuations, this is conclusive evidence of fraud in my opinion. Links below Financial times article https://www.ft.com/... Balance sheet on google sheets https://docs.google.com/... $HOLE on CoinMarketCap https://coinmarketcap.com/...
@scottmelker @scottmelker on x
“As well as running a crypto exchange that didn't exchange crypto and owning a hedge fund that didn't hedge, Sam Bankman-Fried had a venture capital fund that didn't venture its own capital.” https://www.ft.com/...
@deljohnsonvc Del Johnson on x
All of VC works like this on some level. It's a circular economy of graft, a networked patronage scheme. The big VC funds capitalize their friends to form separate entities to do their bidding, lots of time that bidding is grifty, fraudulent, or downright illegal. https://twitter…
@robinwigg Robin Wigglesworth on x
Come for Bryce's amazing kaleidoscopic illustration (yes, SBF's hair is the poo-emoji); stay for the most hideously demented portfolio of “venture capital” investments known to mankind. https://www.ft.com/...
@refsrc Manish Singh on x
Confirmed 😶 FTX invested $15M in MPL at a valuation of $2.3B https://www.ft.com/... https://twitter.com/...
@ercwl Eric Wall on x
It's now been almost one month since FTX imploded, and the one feeling I have above all is embarrassment. FTX is such an embarrassment. Every day that SBF (the “quant wiz kid") keeps doing interviews pretending to be mentally handicapped is an embarrassment.
@tier10k @tier10k on x
Largest token investments (according to this spreadsheet) HOLE - $67.5m Polygon - $50m NEAR (FTX) - $50m Port Finance - $33.5m NEAR (Alameda) - $30m MINA - $20m Fuel - $15m 1Inch - $10m Secret Network - $10m Euler - $5.6m https://twitter.com/...
@lordnarfz0g @lordnarfz0g on x
So k5 got 300 million from alameda, and y'all don't believe me they're wash trading degods and y00ts? Lol Why the fuck did Kevin get 300 millie and why are they drinking shitty beers out of a shoe with it? https://twitter.com/...
@katie_martin_fx Katie Martin on x
“As well as running a crypto exchange that didn't exchange crypto and owning a hedge fund that didn't hedge, Sam Bankman-Fried had a venture capital fund that didn't venture its own capital.” Revealed: the Alameda venture capital portfolio https://www.ft.com/...
@johnedeaton1 John E Deaton on x
I'm confident that @carolinecapital was/is in Manhattan for one thing: cutting a deal. @SBF_FTX is 90% owner of Alameda but the first thing he did was claim he had no involvement w/ Alameda, effectively throwing its CEO Caroline under - not a 🚌 - but the prosecutorial 🚆 coming.
@iamdcinvestor @iamdcinvestor on x
“to the best of my knowledge, as far as I know, drawing on the data I had available to me both then and now, from a market perspective, FTX International is still fully solvent based on the fact that I can just print as much FTT as we need to make customers whole” ~ SBF, 2023
@ishanb22 Ishan B on x
In hindsight, probably pretty shady how big of an investment FTX Ventures made into @Scaramucci's Fund Was probably wrapped in some political understanding of things Scaramucci would help with https://twitter.com/...
@mattwalshinbos Matt Walsh on x
my jaw is on the floor on this FT revelation on the FTX venture portfolio. All with customer money https://www.ft.com/...
@forculus @forculus on x
For Alameda / FTX being so closely tied to Solana by reputation they sure spent most of their VC money on other chains
@0xmert_ @0xmert_ on x
sOlaNa is FtX cHaIn ok let's ignore the fact that alameda put 50 mil into polygon https://twitter.com/...
@ldrogen Leigh Drogen on x
The thing that just makes you the most angry is that these mfers almost single handedly set the market for valuations at an absolutely ridiculous level for absolutely no reason They were in every deal Just incinerated so much capital for no reason https://twitter.com/...
@ldrogen Leigh Drogen on x
Please someone explain to me what HOLE is???? https://twitter.com/...
@tophcoins @tophcoins on x
Their largest investment was in something called “Super Black Hole”.... You couldn't make this shit up if you tried to. https://twitter.com/...
@drnicka @drnicka on x
$67.5m of $HOLE tokens. You really couldn't write this stuff. https://twitter.com/...
@timccopeland Cope on x
well the hole grew to $8 billion so brilliant investment https://twitter.com/...
@george_harrap @george_harrap on x
So does this put to bed the fucking stupid narrative ive been telling you is stupid for a year now that “aLaMeDa rUn tHe sOl eCoSyStEm” of the top 10 investments, 1 is on solana, most are ETH or EVM Of the top 20, 2 are sol projects. Most EVM https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
@tier10k what the fuck is hole
@tradermercury @tradermercury on x
Getting overlooked: Alameda would invest into these projects, and then write into the contract that all funds had to be kept on an institutional account on FTX. > FTX took funds, gave them to Alameda to invest > forced funds to be kept on FTX > repeat Deeper than you think https:…
@whalecointalk @whalecointalk on x
Alameda's venture capital portfolio revealed!🤯 HOLE - $67.5m Polygon - $50m NEAR ( #FTX) - $50m Port Finance - $33.5m NEAR (Alameda) - $30m MINA - $20m Fuel - $15m 1Inch - $10m Secret Network - $10m Euler - $5.6m Although, this doesn't include all their investments!🔎
@gf_256 @gf_256 on x
so let me get this straight: FTX takes money from Sequoia, loans this money to Alameda, and Alameda puts it BACK INTO Sequoia.🔁wtf? https://twitter.com/...
@brhnkcby61 @brhnkcby61 on x
Projects that Alameda and FTX have invested in the Polkadot ecosystem https://twitter.com/... https://twitter.com/...
@mayazi Maya Parody on x
How much of “the new money inflows” that inflated the crypto bubble was actually FTX deposits ? $5.3B fucking hell, show me another CVC whose fund is bigger than their profits. https://twitter.com/...
@adamscochran Adam Cochran on x
Also worth noting, that this is $5.4B of investments. Despite the fact that one of their first claims was the $30B+ spend ($20b in holdings, plus $10b loss) came from illiquid VC investments. Only about $25B shy there guys...
@lawmaster Larry Cermak on x
Full sheet here: https://docs.google.com/...
@hsakatrades @hsakatrades on x
Presented without comment. https://www.ft.com/... https://twitter.com/...
@defiyst @defiyst on x
36 Investments <$10k. Token warrants or not, it's an attestation to how shockingly bad FTX/Alameda were at Venture investing. Purely spray and pray. https://twitter.com/... https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
@tier10k yeah makes sense https://twitter.com/...
@blockworks_ @blockworks_ on x
The $5.4 billion Alameda VC portfolio revealed by the Financial Times https://twitter.com/...
@jackfarley96 Jack Farley on x
Revealed: the Alameda venture capital portfolio A look inside Sam and Caroline's grab-bag of crypto, etc. https://www.ft.com/...
@kadhim @kadhim on x
🚨 EXCLUSIVE: Inside Alameda's sprawling venture capital portfolio. Billions of dollars of FTX money funded VC bets by Sam Bankman-Fried's Alameda hedge fund. Here's a detailed insider spreadsheet detailing what those bets were. w/ @BryceElder https://www.ft.com/...
@altcoingordon @altcoingordon on x
FTX portfolio has just been leaked. They had investments in Genesis, boring company and a $45B investment in Cardano 😯 https://www.ft.com/...

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