The Complete FTX Distribution Timeline
First Distribution - about $454 million
FTX did not publish a total; the figure comes from creditor representatives. Priority payouts to Convenience Class creditors only (claims under $50,000 by adjudicated value before interest). 120% recovery including post-petition interest. Record date: January 3, 2025.
Second Distribution - ~$5 billion
Largest single distribution. Non-convenience class creditors (Class 5A, 5B). Cumulative recovery reached ~72% for Class 5A Dotcom creditors. Record date: April 11, 2025.
Third Distribution - ~$1.6 billion
Incremental payout. Cumulative Class 5A recovery: ~78%. Record date: August 15, 2025.
Fourth Distribution - $2.2 billion
18% incremental for Class 5A. Cumulative recovery now 96% for Dotcom creditors. Record date: February 14, 2026.
Preferred Equity Payment (not a creditor distribution)
Preferred Equity Holders are paid from the PSRFT (Preferred Shareholder Remission Fund Trust), a separate track that does not apply to regular creditor classes (5A, 5B, 6A, 6B, 7). The prior Preferred Equity payment was made on May 29, 2026 (record date April 30, 2026). The most recent Preferred Equity payment was made on July 31, 2026 (record date June 16, 2026).
FTX Fifth Distribution: July 31, 2026 (Most Recent Distribution)
Announced May 26, 2026: the fifth creditor distribution had a June 16, 2026 record date and payment commenced July 31, 2026 - making July 31 the most recent distribution date for regular creditor classes. The court approved the reduction of the disputed claims reserve on June 18, 2026: it went from $2.4B to $1.8B, a $0.6B cut that freed additional liquidity. Cumulative distributions now stand at more than $10 billion. Final resolution of disputed claims and remaining asset liquidation extends timing into 2027 for some classes.
NFT Customer Entitlement Claims process opens
The distribution process for NFT Customer Entitlement Claims opened on June 30, 2026. This is a separate track from the regular creditor distributions above.
Next FTX Distribution Date: Qredax’s Forecast
Late November to the first half of December 2026. November 30 is our central planning date.
This is Qredax’s assessment of when the next creditor distribution could start. No date for the sixth round was found in the official FTX releases reviewed as of September 9, 2026.
Why this window?
The five distribution start dates above produce four intervals: 101, 123, 182 and 122 days. Their median is 122.5 days, pointing to November 30–December 1 when measured from July 31. We use the median so that one long interval does not dominate the central estimate.
Removing the initial interval changes the median to just 123 days. The average of all four intervals, however, is 132 days, pointing to December 10. That difference supports a window rather than a precise-date prediction. November 30 is also the last business day of the month, matching the previous four starts; this is a calendar observation, not a fixed FTX schedule.
| Planning estimate | Timing | Basis |
|---|---|---|
| Base case | Late November–first half of December 2026 | The median points to November 30–December 1; the average to December 10. |
| Delay scenario | Late January 2027 | Repeating the longest observed gap of 182 days gives January 29. |
| Record date if November 30 holds | October 12–16, 2026 | Previous record dates preceded distribution starts by 45–49 days. |
The October record-date window is derived from the November scenario; it is not an announced cutoff. The January scenario keeps the longest observed interval in view. Four intervals are too few to assign a reliable probability, and the next round could fall outside these windows.
What would change our view?
A new Trust announcement takes priority. Available cash, disputed-claim reserves and processing readiness can change the timing. The forecast concerns the start of a distribution, not each creditor’s payment date or eligibility.
Qredax prepared this forecast using data available as of September 9, 2026. The calculation excludes the separate PSRFT and NFT processes.
Claim Classes and Recovery Rates
The following rounded cumulative percentages were announced for the July 31, 2026 distribution. They apply to the relevant allowed claim amounts and include earlier distributions; they are not an additional payment of the full percentage shown.
| Class | Claim type | Cumulative distribution |
|---|---|---|
| Class 5A | Dotcom Customer Entitlement Claims (non-convenience) | 105% |
| Class 5B | U.S. Customer Entitlement Claims (non-convenience) | 105% |
| Class 6A | General Unsecured Claims | 103% |
| Class 6B | Digital Asset Loan Claims | 103% |
| Classes 7A, 7B, 7C | Convenience Claims: Dotcom, U.S. and General | 120% |
Source: FTX’s fifth-distribution announcement. Actual percentages may differ slightly due to rounding. Receipt by an individual creditor depends on eligibility and completion of the applicable requirements; 120% does not mean every Convenience Class holder has already been paid.
Convenience Classes include eligible claims of $50,000 or less and larger claims validly reduced to $50,000 by election under the Plan. The fifth-round announcement does not establish a final recovery percentage for Class 5A. For definitions, see FTX claim classes explained.
The Petition-Date Valuation Problem
The "120% recovery" headline is technically accurate - but it's calculated against the USD value of your assets on November 11, 2022, when FTX filed for bankruptcy.
For that date the plan converts Bitcoin at $16,871 - a conversion rate fixed in the plan, not a market closing price. By early 2025, it had reached $82,000+. If you held 1 BTC on FTX, your claim is worth about $16,871 - not $82,000. For an eligible Convenience Claim, 120% of that allowed amount would be about $20,245. Other classes have different distribution percentages.
This is the core grievance across the creditor community. The math is:
- The applicable distribution percentage is measured against the allowed USD claim amount
- If you held Bitcoin, ETH, or other assets that appreciated heavily, you've "missed" the upside
- If you held stablecoins (USDT, USDC), 120% is actually a good outcome
What to do before the next FTX payout
FTX Record Date vs. Distribution Date
The record date is the cutoff for determining eligible holders for a given round, subject to the Trust’s requirements. The distribution date is when payments for that round begin. For the fifth round, these were June 16 and July 31, 2026 respectively.
An individual payment can arrive later. The fifth-round notice gave eligible creditors a 1–3 business-day window to receive funds from their selected provider starting July 31. That guidance applied to the fifth round; it is not a guaranteed arrival window for an unannounced future distribution.
The June 16 record date applied to the July 31 distribution. For a future round, use the new record date announced by the Trust, not the October window in our forecast. Complete the applicable requirements before that official date:
- Steps 1-3 (Account verification and KYC) - must be "Verified"
- Step 7 (Tax requirements) - submit W-8BEN if non-US person
- Step 8 (Distribution Service Provider) - select BitGo, Kraken, or Payoneer and complete their onboarding
If you're a creditor in a restricted jurisdiction with a block at Step 8 - you can't receive distributions through the official channel as long as the block stands. Your options are to update your residence proof (if you've genuinely relocated) or to sell the claim through a regulated buyer. For Russia specifically, our guide on FTX payouts for Russian creditors walks the official channel step by step.
Check your claim-specific deadlines. Review the notices and requirements in the FTX Customer Portal. Our estimate for the next distribution does not extend a KYC, onboarding or distribution deadline.
Transferred and Purchased Claims
For a future distribution to go to a buyer, the transfer must be processed and reflected in the official claims register by the applicable record date, and the 21-day notice period must have expired without objection. That period starts with the notice issued by Kroll, not simply when a sale agreement is signed. FTX’s transfer guidelines explain the process.
FTX also warns that claims sold within 45 days before a record date may not be registered in time, so the distribution may go to the seller. This is a processing-risk warning, not a ban on selling during that period. It is separate from the historical 45–49-day gap between record dates and payment starts used in our forecast. See the official timing notice.
Sell Now vs. Wait: A Clear-Eyed Comparison
| Factor | Waiting for distributions | Selling a claim |
|---|---|---|
| Timing | Trust-announced dates, subject to eligibility. | The payment terms in the sale agreement. |
| What to compare | Future amounts still payable on the rights you hold. | The price offered for the specific rights transferred. |
| Checks | Claim status, KYC, tax forms and provider onboarding. | The buyer’s checks and the formal transfer process. |
| Key uncertainties | Timing, remaining recoveries and access to a provider. | Buyer performance, contract terms and transfer completion. |
Compare the unpaid rights, not two percentages of the original claim. A cumulative recovery figure includes earlier distributions. It is not the amount still available to a buyer. Compare the sale price with the remaining rights being sold, after accounting for payments already received.
The November estimate helps frame the timing question; it does not settle the sell-or-wait decision. If you have completed onboarding and can receive payments, waiting remains an option. If you need an earlier exit, compare a written purchase offer and its payment terms with the uncertainty of future distributions.
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