US Government Missed Out on Billions in Anthropic Stock Sale Linked to SBF Associates

A Missed Financial Windfall

The United States federal government secured a $627 million windfall last year through the sale of seized Anthropic shares, but new financial disclosures suggest that decision may have cost taxpayers billions. The shares, which were previously held by associates of convicted crypto fraudster Sam Bankman-Fried, have seen their value skyrocket alongside the artificial intelligence company’s explosive growth.

According to Anthropic’s recently filed S-1 prospectus, the government offloaded 4,453,900 Series B shares in October 2025. While the sale generated a significant sum at the time, current market projections for Anthropic’s upcoming November initial public offering (IPO) indicate that those same shares could be valued at approximately $3.94 billion if the company hits a $1.5 trillion valuation. This potential figure represents roughly six times the amount the government realized from the sale just one year ago.

The Origins of the Seized Assets

The shares in question were originally purchased during Anthropic’s 2022 Series B fundraising round by Caroline Ellison and Nishad Singh, two high-ranking executives within Sam Bankman-Fried’s collapsed business empire. Singh invested $40 million, while Ellison contributed $10 million. Following their involvement in the fraud scheme, both individuals pleaded guilty and provided testimony against Bankman-Fried during his Manhattan criminal trial.

By April 2025, the federal government had successfully taken ownership of these shares through criminal forfeiture proceedings. The US Marshals Service, specifically its Complex Assets Unit—which is tasked with liquidating private company stock acquired via legal seizures—oversaw the sale. Anthropic repurchased the shares from the government at a price of $140.9676 per share, matching the valuation set during the company’s Series F-1 funding round in September 2025. Anthropic subsequently resold the stake to nine undisclosed investors at the same price, reportedly making no profit on the transaction.

Distinction from FTX Bankruptcy Assets

It is important to distinguish these specific shares from the larger stake held by Sam Bankman-Fried himself. Bankman-Fried’s own $500 million in Series B shares followed a different legal trajectory. Those assets were incorporated into the FTX bankruptcy estate, which successfully sold them in 2024 to various buyers for a total of $1.3 billion. The proceeds from that sale were directed toward repaying FTX customers and other creditors affected by the collapse of the exchange.

Compensation for Victims

Regarding the $627 million generated from the Ellison and Singh shares, the Department of Justice has maintained that the funds are intended for victim compensation. During the sentencing hearings for both executives, prosecutors indicated that the government would utilize a process known as remission to distribute the money. This process involves either establishing an independent claims administration system or coordinating with the existing FTX bankruptcy proceedings to identify and reimburse those harmed by the fraud.

A spokesperson for the Department of Justice confirmed that the agency has utilized funds from these forfeitures in remission, emphasizing that returning seized assets to victims remains a primary objective of the federal asset forfeiture program whenever the law permits. Despite the criticism regarding the timing of the sale, the government’s actions remain tied to the standard protocols for liquidating forfeited assets rather than holding them for long-term investment gains.

Source: businessinsider.com