The FTX Recovery Trust today locked its fifth-round record date, freezing the claims register as of June 16, 2026 for all holders of allowed claims and interests. Distributions are scheduled to commence July 31, 2026, routed through BitGo, Kraken, and Payoneer. Simultaneously, the Trust filed an ...
"We are pleased to announce the anticipated record date for the next distribution." — FTX Recovery Trust, Official Statement via PR Newswire (May 26, 2026)
The FTX Recovery Trust today locked its fifth-round record date, freezing the claims register as of June 16, 2026 for all holders of allowed claims and interests. Distributions are scheduled to commence July 31, 2026, routed through BitGo, Kraken, and Payoneer. Simultaneously, the Trust filed an amended notice with the U.S. Bankruptcy Court for the District of Delaware seeking to reduce the disputed claims reserve by $600 million — from $2.4 billion to $1.8 billion — a move that, if approved, would release additional cash into the distribution pool.
Across four prior rounds, the Trust has disbursed approximately $10 billion of an estimated $14.7 billion to $16.5 billion in recovered assets. Convenience Class creditors (claims under $50,000), representing 98% of claimants by number, have received payouts at approximately 120% of petition-date value. Class 5A (Dotcom claims over $50,000) stands at 96% recovery as of the fourth distribution, with a projected terminal rate of 118–120%. The estate's total recovery trajectory implies 123–138% across all claim classes, driven by post-petition interest accruing at 9% annually.
This report examines the mechanics, timeline, outstanding litigation, security risks, and market implications of the ongoing FTX unwinding — now the largest bankruptcy distribution in cryptocurrency history.
The FTX Recovery Trust operates on a structured, multi-round distribution schedule managed through claims administrator Kroll Restructuring Administration. Legal counsel is provided by Sullivan & Cromwell LLP, financial advisory by Alvarez & Marsal North America LLC, and investment banking by Perella Weinberg Partners LP.
The five distribution rounds to date:
| Round | Record Date | Distribution Date | Amount | |-------|------------|-------------------|--------| | 1st (Convenience Class) | Jan 3, 2025 | Feb 18, 2025 | ~$1.2B | | 2nd | — | May 30, 2025 | ~$5.0B | | 3rd | — | Sep 30, 2025 | ~$1.6B | | 4th | Feb 14, 2026 | Mar 31, 2026 | ~$2.2B | | 5th | Jun 16, 2026 | Jul 31, 2026 | TBD |
Cumulative distributed: ~$10.0 billion.
Eligibility for the fifth round requires completion of three pre-distribution requirements (PDRs): Know Your Customer (KYC) verification, tax form submission, and onboarding with one of three designated distribution service providers — BitGo, Kraken, or Payoneer. Preferred Equity Holders face an additional ownership certification step and had a separate record date of April 30, 2026, with distributions commencing May 29, 2026.
For holders of transferred claims — those purchased on the secondary market — distributions will proceed only where the transfer is fully processed and reflected on the official claims register as of June 16, 2026, and the applicable 21-day objection period has expired without challenge.
The FTX estate's total recovered assets are estimated between $14.7 billion and $16.5 billion, according to court filings and creditor representative statements. With approximately $10 billion distributed through four rounds, the remaining distributable pool stands at $4.7 billion to $6.5 billion before accounting for the current $2.4 billion disputed claims reserve (or $1.8 billion, pending court approval of the proposed reduction).
Recovery rates by class:
The above-100% recovery rate reflects post-petition interest at 9% per annum, a rate stipulated under the confirmed Chapter 11 Plan. All distributions are denominated in U.S. dollars, valued at the petition date of November 11, 2022. This means creditors who held assets that have since appreciated — Bitcoin was approximately $16,800 at petition date versus over $100,000 today — receive dollar-equivalent returns that significantly underperform a hypothetical hold-and-wait strategy on the underlying crypto assets.
On approximately May 26, 2026, the Trust filed an amended notice with the Bankruptcy Court seeking approval to reduce the disputed claims reserve by $600 million, from $2.4 billion to $1.8 billion. This follows an earlier reduction that cut the reserve from $4.6 billion to $2.4 billion.
The reserve exists to cover claims still under dispute — those flagged for deficiency, objected to by the estate, or not yet fully adjudicated. As the Trust resolves or disallows disputed claims, it seeks periodic court approval to release excess reserves back into the distribution pool.
If approved, the $600 million freed from the reserve would augment the fifth-round distribution pool. The filing suggests the Trust is making progress in claims adjudication and expects fewer successful disputes going forward.
Holders of Allowed NFT Customer Entitlement Claims will become eligible to initiate the NFT distribution process beginning June 30, 2026 — two weeks after the cash distribution record date. The process requires claimants to log in to Step 10 of the FTX Customer Portal at claims.ftx.com to begin retrieval.
NFT distributions operate on a distinct track because the assets are non-fungible and cannot be aggregated into bulk cash transfers. Each NFT must be individually returned to the claimant or, where the original asset is no longer available, compensated in cash at petition-date value.
The NFT distribution adds operational complexity. Many NFTs held on FTX at the time of bankruptcy have seen dramatic value changes — mostly downward — since November 2022. Claimants must decide whether to reclaim the NFT itself or accept the petition-date cash equivalent, a choice that in most cases favors taking the cash.
The Trust continues to pursue clawback litigation to maximize the estate's recovery. Major outstanding actions include:
The outcome of these actions could materially affect the total distributable pool. The Genesis Digital and Binance suits alone represent nearly $3 billion in potential recoveries. However, litigation timelines are uncertain, and any recoveries would likely flow into future distribution rounds beyond the fifth.
A secondary market for FTX claims has operated throughout the bankruptcy process, with pricing reflecting the time value of money, jurisdictional risk, and dispute status.
Current secondary market pricing:
The secondary market effectively discounts for timing risk. The Trust's projected 118–120% recovery is above any secondary market sale price, but that recovery arrives in tranches across a multi-year timeline, with each tranche conditional on KYC clearance, jurisdictional approval, and the claim remaining undisputed.
For institutional buyers who purchased claims at 10–30 cents on the dollar in 2023, the FTX bankruptcy has produced significant returns. The trade-off for retail creditors is between certainty and patience: sell now at a discount, or wait for the full multi-year distribution and capture the 9% post-petition interest.
The FTX distribution process has been accompanied by persistent phishing campaigns targeting creditors. The Trust's own press release includes a phishing advisory, reflecting the severity of the threat.
Key risk factors:
The official claims portal remains claims.ftx.com, and the Trust has repeatedly warned claimants to verify all communications against official channels.
Previous FTX distributions have shown measurable but limited impact on broader crypto markets. The key variable is the creditor reinvestment rate — the percentage of distributed funds that flow back into crypto versus being withdrawn to fiat.
Observed patterns from prior rounds:
The fifth round, potentially augmented by $600 million from the reserve reduction, could channel several billion dollars into the hands of creditors by late July. However, the dollar-denominated nature of distributions means creditors receiving 118% of November 2022 values on assets now worth multiples of that amount may view the payout as a loss in real terms, reducing the incentive for immediate reinvestment.
From an economic value perspective, the FTX distribution represents a transfer of value from the bankruptcy estate — itself funded by liquidated crypto and venture assets — back to creditors, with substantial value extraction along the way by legal, financial, and administrative intermediaries. Sullivan & Cromwell, Alvarez & Marsal, and Kroll have collectively billed hundreds of millions in professional fees, a cost borne by the estate and ultimately by creditors.
The FTX Recovery Trust's fifth distribution round marks a continuation of what has become the largest creditor repayment operation in crypto history. With $10 billion already distributed and a projected total recovery rate of 123–138%, the outcome exceeds early expectations from the chaotic November 2022 collapse. The 118–120% headline recovery, however, obscures a more nuanced picture: creditors are being made whole in nominal dollar terms against petition-date values, not against the appreciation of the underlying assets they originally held.
The $600 million reserve reduction request signals that the claims adjudication process is narrowing the universe of disputed claims. If approved, it represents a vote of confidence by the Trust that remaining disputes will not consume the current reserve level. The outstanding $3 billion in clawback litigation against Genesis Digital Assets and Binance represents the most significant variable in determining whether later-round creditors see distributions above the current 96% Class 5A rate.
For the broader crypto market, the distribution pipeline is a known quantity. The gradual, multi-round structure has avoided the supply-shock scenario that some feared in 2023. Whether the fifth round's proceeds flow back into crypto assets or exit to fiat will depend on market conditions at the time of actual disbursement in late July — a question no claims register can answer.