FTX Claim Value in 2026 and What an Offer Depends On

The first question almost every FTX creditor asks is simple: how much is my claim worth? The honest answer is that there is no single price. The offer you receive for selling an FTX claim depends on what kind of claim it is and what condition it is in.

Two creditors can hold claims with the same face value and be quoted very different amounts. One has a clean Class 5A claim with KYC already cleared. The other is stuck in KYC review and lives in a jurisdiction that complicates distribution. The claim amount on paper is identical; the FTX claim value to a buyer is not.

This guide explains what actually sets your FTX claim price — the class, your KYC status, your jurisdiction, and any dispute — and shows the Qredax offer pricing tiers as ranges, so you can see roughly where a claim like yours would land before you ask for a quote.

Face Value Is Not the Same as Claim Value

Start with the difference between two numbers. The face value of your claim is the allowed amount recorded in the FTX bankruptcy — what the Recovery Trust says the claim is worth. The claim value in a sale is what a buyer will pay you today for that claim.

Those are not the same figure, and they were never meant to be. The Trust is paying Class 5A holders roughly 96% of allowed amounts through the distributions running in Q1-Q2 2026, with a projected total recovery in the range of 118-120% once the full timeline plays out. That recovery, though, is paid in tranches over several years, and it is paid on the petition-date value of November 11 2022 — not on what crypto is worth now.

A sale converts that staged future recovery into a single payment now. The price reflects that trade: the buyer takes on the wait and the remaining uncertainty, and you receive cash immediately at a discount to the full recovery.

What Determines Your FTX Claim Value

Four properties of a claim do most of the work in setting an offer. None of them are about the buyer being generous or stingy — they are about how clean and collectible the claim is.

• Claim class. Class 5A, Class 5B and the Class 7 Convenience class do not recover the same way or on the same schedule. The class is the single biggest input into FTX claims pricing.
• KYC status. A claim where Kroll has already verified the holder is straightforward. A claim stuck in KYC review carries an unresolved step, and the offer reflects that risk.
• Jurisdiction. Where the creditor is located affects how smoothly a distribution can be received. Some jurisdictions add friction; restricted ones add more.
• Disputes and objections. If the Trust has objected to a claim, or its amount is contested, the claim is not yet fully allowed — and an offer on a disputed claim is priced for that.

A claim that scores well on all four — correct class, KYC cleared, accessible jurisdiction, no dispute — is what the market calls a clean claim. It commands the highest offer. Every unresolved issue moves the number down.

The Qredax Offer Pricing Tiers

Qredax groups offers into ranges based on the condition of the claim. These are offer ranges — the percentage of face value a seller receives — not official Trust figures and not a market index. Your actual quote depends on the specifics of your claim, but the tiers show the structure.

The top tier is for the cleanest possible claim. As soon as a claim has an open question — KYC unresolved, a harder jurisdiction — it moves into a lower band, because the buyer is now pricing in the work and the wait needed to resolve that question.

These bands are not stacked: a claim is placed in the one tier that best describes its overall condition, not penalised once per issue. A clean claim in a difficult jurisdiction is priced as a jurisdiction case; a KYC-stuck claim that is otherwise fine is priced as a KYC case.

How the Tiers Compare to the CIS Secondary Market

It helps to put the Qredax ranges next to the wider picture. On the CIS secondary market, a clean Class 5A claim has commonly changed hands around 50-60% of face value. That is the informal going rate creditors in the region have seen from a range of buyers.

Against that backdrop, the offer ranges above sit higher for a comparable clean claim, because they are tied to a formal SAC-based transfer processed through Kroll rather than an informal arrangement. The lower Qredax tiers — KYC-stuck and restricted-jurisdiction claims — overlap with that 50-60% secondary range, which is consistent: those are exactly the claims that carry the most unresolved risk.

The comparison is not perfect, because secondary-market quotes vary by buyer and by week. The point is direction, not a precise spread: a clean claim sold through a formal process is generally valued above an informal handshake, and a claim with open problems is valued near the bottom of the range regardless of who is buying.

Cash Now at a Discount, or Full Recovery Over Years

This is the real decision behind every offer. The Trust's projected total recovery of 118-120% is higher than any sale price you will be quoted. So why would anyone sell?

Because that recovery is not available now. It arrives in tranches across a multi-year distribution timeline, and each tranche depends on KYC being cleared, on the jurisdiction allowing the payout, and on the claim staying free of dispute. A sale removes all of that. You take a known amount today instead of an estimated larger amount spread out over years with conditions attached.

For a deeper comparison of the two paths, see our guide on selling now versus waiting for the Trust payout. If part of what affects your number is interest, our article on whether FTX pays interest on a claim explains why the projected recovery exceeds the principal figure.

Why a KYC or Jurisdiction Problem Lowers the Number

It is worth being clear about why these issues cost you, because it is not arbitrary. When a buyer purchases a claim, the buyer steps into your position and must collect the distributions itself. Anything that stands between the claim and a paid distribution is now the buyer's problem to solve.

A claim stuck in KYC review is a claim that cannot yet be paid. A claim in a restricted jurisdiction may face extra steps before a distribution can be received. The buyer prices that resolution work and that delay into the offer. It is the same logic the Trust uses when it pays on allowed amounts only — an unresolved claim is simply worth less until it is resolved.

The flip side is encouraging: clearing a problem before you sell can move your claim into a higher tier. If your KYC is close to done, finishing it first may be worth more than selling around it. Our guide on KYC before selling covers when that is worth doing.

How Claim Class Changes the Percentage

Class deserves its own look, because it is the largest single input into FTX claims pricing and it is often misunderstood. The class is not something a buyer assigns — it is set by the structure of the FTX plan and recorded against your claim in the bankruptcy.

Class 5A is the main customer class, projected for a total recovery of around 118-120% and being paid roughly 96% of allowed amounts now. Class 5B, for US customers, is stated at 100%. The Class 7 Convenience class is stated at 120% including interest, and it is built for smaller claims that are settled on a simpler path. Each class recovers on its own terms and its own schedule, so each one prices differently in a sale.

This is why the offer ranges are organised partly by class. A Class 7 claim and a clean Class 5A claim are both good claims, but they are not the same instrument, and the percentage a buyer can offer reflects how and when each one is expected to pay out. If you are unsure which class your claim sits in, our guide to FTX claim classes explained walks through how to read it from your Kroll records.

Getting an Accurate Number for Your Claim

A tier is a starting point, not a quote. To price a claim accurately, a buyer needs the specifics: the claim or schedule number, the class, the KYC status, and the jurisdiction. With those four facts, an offer can be placed precisely rather than estimated.

Be cautious with any buyer who quotes a headline percentage before seeing your claim details. A real offer is built on your claim's actual condition. A number offered with no information is a marketing figure, not a price.

If you have your claim details to hand, you can get a firm figure quickly. The class and KYC status tell most of the story; the jurisdiction and any dispute fill in the rest. From there the offer is a specific amount in USDT, not a range.

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