Updated:
The Picks & Shovels Co.
Sam Bankman-Fried's family office The Picks & Shovels Co. deploys capital into enterprise software from San Francisco — launched after the collapse of FTX.
The Picks & Shovels Co.
The Picks & Shovels Co. was formed in 2023 by Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX and quantitative trading firm Alameda Research. The entity represents a continuation — and contraction — of the family-office function that Alameda once performed, now focused on backing enterprise and infrastructure software startups rather than prop trading. The firm operates from San Francisco and Miami, with Bankman-Fried as its sole known principal. The firm's investment posture targets early-stage enterprise software, AI/ML infrastructure, and a narrower set of fintech bets. Prior tech investments made through Bankman-Fried's personal and affiliated vehicles include stakes in Sequoia Capital funds and direct deals such as Anthropic, the AI safety company, and the team productivity startup Notion. The Picks & Shovels name signals a strategy of backing backend tooling and developer infrastructure rather than consumer-facing applications. The geographic focus is primarily US-based, though with contingent exposure to global talent pools through fund commitments. Team size is not publicly disclosed, and the firm maintains no significant digital footprint beyond a domain placeholder. Since formation, the operation has been shaped by Bankman-Fried's ongoing criminal appeal and the legal efforts to claw back assets for FTX creditors. In March 2024, Bankman-Fried was sentenced to 25 years in prison for fraud and conspiracy charges tied to FTX's collapse, a development that functionally places the firm's decision-making under legal and custodial uncertainty. The firm's structural differentiator is its origin story — a single-family office born from the liquidation of a convicted founder's empire, now operating in a contested asset-recovery environment. Unlike traditional family offices that manage generational or founder liquidity, The Picks & Shovels Co. operates at the intersection of personal investment intent and ongoing court-ordered restitution, making its capital base and governance the subject of public legal proceedings rather than private trust documents.
General information
Firm type
Single Family Office
Year founded
2023
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA and Miami, FL, United States
Additional offices
Miami, FL
Principals
Sam Bankman-Fried
Principal
Sector focus
Frequently asked questions
Who runs investment decisions at The Picks & Shovels Co.?
Sam Bankman-Fried is the sole known principal. Before his 2024 sentencing, he directed all capital allocation decisions. As of current public record, no independent investment committee or external manager has been publicly named, and his incarceration creates a governance vacuum with no disclosed succession plan.
Where does the underlying wealth come from?
The wealth originates from Bankman-Fried's ownership stake in FTX, the cryptocurrency exchange he founded, and Alameda Research, the trading firm he started in 2017. Following FTX's bankruptcy in November 2022, criminal fraud convictions, and ongoing asset-recovery litigation, the remaining deployable capital and its legal ownership are subjects of court-supervised proceedings.
Is The Picks & Shovels Co. the same entity as Alameda Research?
No. Alameda Research was a quantitative trading firm and investment vehicle that ceased operating when FTX declared bankruptcy in November 2022. The Picks & Shovels Co. is a later entity formed in 2023, focused narrowly on early-stage enterprise software and infrastructure investments rather than proprietary trading.
Does The Picks & Shovels Co. accept outside capital?
Publicly available information indicates the firm is structured as a single family office deploying only Bankman-Fried's personal capital. No SEC filings, Form ADV registrations, or other regulatory documents suggest it operates as a multi-family office or accepts third-party LP commitments.
How is The Picks & Shovels Co. affected by the FTX bankruptcy proceedings?
The FTX bankruptcy estate, led by CEO John J. Ray III, has pursued clawback claims against numerous recipients of funds traceable to FTX, including political donations, personal investments, and venture stakes. Any assets held by or through The Picks & Shovels Co. may be subject to these recovery efforts, making the firm's capital base contingent on ongoing litigation outcomes (per SDNY and Delaware bankruptcy court filings, 2023–2025).
What investment stages does the firm typically target?
The firm's stated focus is early-stage enterprise and infrastructure software, consistent with the seed through Series B deals Bankman-Fried pursued through prior vehicles. Known direct positions include equity in Anthropic, a developer infrastructure and AI safety company, which was acquired at the seed stage before its subsequent megaround raises.
What is the current operational status of The Picks & Shovels Co.?
The firm has no public-facing website content, no disclosed team, and no verifiable new investment activity since Bankman-Fried's arrest in late 2022 and subsequent sentencing in March 2024. Its principal's incarceration and the ongoing asset recovery proceedings suggest the firm is in a custodial or dormant operational state, though no formal wind-down has been announced.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: