The landscape of the global cryptocurrency market might have looked drastically different today had Binance proceeded with its acquisition of the now-defunct FTX exchange. Alex Svanevik, the CEO of on-chain data analytics firm Nansen, recently provided a retrospective analysis suggesting that Changpeng Zhao (CZ) could have inherited a high-value portfolio of venture capital investments. This theoretical acquisition, which collapsed in November 2022, would have positioned the Binance founder as a significant indirect stakeholder in some of the world's most prominent artificial intelligence and aerospace companies.
Strategic AI and Aerospace Assets
According to Svanevik’s assessment, the completion of the FTX takeover would have fundamentally altered CZ’s asset structure. By absorbing FTX’s balance sheet, Binance would have gained exposure to early-stage equity in non-crypto sectors that have since seen explosive growth. The valuation of AI firms, in particular, has surged as large language models become central to the global tech economy.
Specifically, Svanevik highlighted several key holdings that would have moved under CZ’s indirect control:
- An approximately 8% stake in Anthropic, a leading AI safety and research company.
- A roughly 5% stake in Cursor, a popular AI-powered code editor used by developers.
- Indirect investment interests tied to SpaceX, Elon Musk's private aerospace manufacturer.
The Failed Acquisition and Due Diligence
The history of this potential merger dates back to November 8, 2022, when CZ initially signed a non-binding letter of intent to acquire FTX.com to help cover a liquidity crunch. However, the deal was abandoned less than 24 hours later. Binance representatives stated at the time that the decision was based on corporate due diligence, as well as reports regarding mishandled customer funds and alleged US agency investigations.
In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.
Following the withdrawal of the offer, FTX filed for Chapter 11 bankruptcy protection on November 11, 2022, leading to a massive restructuring process and legal proceedings against its executive team.
While the retrospective analysis by the Nansen CEO highlights the missed opportunity for Binance to diversify into Artificial Intelligence and high-tech manufacturing, it also underscores the complexity of the FTX balance sheet. The decision to abandon the deal remains a pivotal moment in the history of the blockchain industry, preventing what could have been an unprecedented consolidation of power across the crypto and technology sectors.
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