Technology

Here’s where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships

Sam Bankman-Fred told Bloomberg in April that years later, he was living on $100,000 a year — that’s it.

He would keep a small percentage of the billions he made from the cryptocurrency empire and donate the rest.

Bankman-Fried has described himself as an effective altruist, someone who collects piles of money – or coins – to one day put towards the betterment of the world. He donated money to many organizations founded on the principles of effective altruism.

Bankman-Fried has also written large checks for sports teams, property, and political leaders. His spending reflects his desire to buy influence as much as his philosophical beliefs.

In early November, Bankman-Fried saw the bulk of his net worth drop from $15.6 billion to $1 billion in a single day, following news that the cryptocurrency exchange, FTX, needed a bailout.

Since then, FTX has filed for bankruptcy and Bankman-Fried has stepped down as CEO. However, a barrage of details continues to emerge about the chaotic dynamics between FTX, Bankman Fried’s trading subsidiary Alameda Research, and the way both were used to make risky bets with clients’ money.

Bankman-Fried likely won’t be making large donations anytime soon. Here is a list of how he spends some of his huge fortune.

Properties

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
Leaf Cay, Bahamas 
Damianos Sotheby’s International Realty

Bankman-Fried, his parents and senior FTX employees have purchased at least 19 properties in the Bahamas with a total value of $121 million, according to Reuters.

This included a 600-acre oceanfront property in New Providence, Bahamas known as Albany where Bankman-Fried lived with 10 roommates.

Media investments

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
John Lamb/ Getty Images

According to Crunchbase, Bankman-Fried has invested in a few media companies. Invest in Semaphore, a news startup launched by former New York Times columnist Ben Smith and Bloomberg media chief Justin Smith.

He provided seed funding for Trustless Media, a production company that sits at the intersection of Web3 and television production. Bankman-Fried also donated $5 million to investigative news outlet ProPublica, according to the Associated Press.

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
Ratchaneeyakorn Suwankhachasit/ Getty Images

Bankman-Fried has also poured money into several startups through FTX and Alameda Research and as an angel investor, according to Crunchbase. Those include fintech companies like TrueFi and Cash Chipper, crypto platforms like Liquid Global, and blockchain companies like Faraway that make games.

Policy

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
US Capitol in Washington DC. 
Kent Nishimura / Los Angeles Times via Getty Images

Bankman-Fried has spent more than $10 million supporting Joe Biden’s presidential campaign, according to Politico. In 2022 alone, he spent more than $40 million on campaigns, according to Federal Election Commission files reviewed by Politico. He also provided $1 million to the Senate majority PAC and $6 million to the House majority PAC — two super PACs dedicated to keeping Congress in Democratic hands, according to the Los Angeles Times.

favor

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
IStock; Vicky Leta/Insider

Bankman-Fried has also made many charitable donations as well. While working at Jane Street, he gave half of his money to effective altruistic charities and animal welfare groups, according to Bloomberg. Bloomberg reports that he will donate $50 billion in 2021 for pandemic relief in India and initiatives to combat global warming.

He has also made COVID-19 prevention a major issue as the primary funder of Guarding Against Pandemics, a nonprofit run by his brother Gabe, according to Politico. Even in his new home in the Bahamas, he donated $1.4 million worth of K95 masks and COVID-19 test kits, according to the Nassau Guardian.

sports

Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas property, donations to key Democrats, and sports team sponsorships
Tom Williams/CQ-Roll Call, Inc via Getty Images; Greg Nelson /Sports Illustrated via Getty Images

His most notable sports sponsorship is acquiring the naming rights to the Miami Heat arena. The original deal was set to cost him $135 million over 19 years, according to Bloomberg. While the deal has been canceled since FTX filed for bankruptcy, FTX is still required to pay three years’ worth of contract fees for a total of $16.5 million, according to CoinDesk.

He also spent about $30 million airing an ad at the 2022 Super Bowl featuring comedian Larry David, Bloomberg also reported.

Since June 2021, FTX has been “the official cryptocurrency exchange brand of MLB.” This means that all Major League Baseball umpires wear a patch with the FTX logo.

Through FTX, Bankman-Fried also has deals with major basketball teams such as the Washington Wizards and Golden State Warriors. FTX has also had deals with individual athletes such as basketball player Steve Curry and quarterback Tom Brady.

FTX even signed a $17.5 million deal with UC Berkeley to sponsor its athletic department.

Smith

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