Thomas Braziel, a partner at 117 Partners specializing in FTX debt research, said that some FTX debt off-exchange trades have been valued at over 50%, indicating that the market currently expects about half of user assets to be recovered. Last Friday, a debt worth over $20 million was sold at an auction for about 52% of the price, but only "the largest and cleanest debt" could be sold at this price.

Since the artificial intelligence company Anthropic recently announced multiple large investments, enthusiasm around the value of FTX debt has grown. FTX holds a large stake in Anthropic because it once invested $500 million in the company, and the valuation of Anthropic has gradually increased this year. Debt holders hope that selling Anthropic shares will help return funds to debt holders, potentially achieving full recovery.