How Patrick Gruhn Channeled His Wealth: From FTX Europe to Titanic's Most Expensive Memorabilia

Patrick Gruhn, the former head of FTX Europe, has made headlines not for his involvement in the cryptocurrency exchange’s dramatic collapse, but for acquiring one of history’s most sought-after artifacts. In early 2026, the entrepreneur spent $1.5 million at auction—the highest price ever paid for Titanic memorabilia—to purchase a gold pocket watch that belonged to John Jacob Astor IV, one of the ship’s wealthiest passengers.

The Source of Gruhn’s Fortune

Gruhn’s ability to make such a significant purchase stems from wealth he accumulated through the sale of his own companies, separate from his tenure at FTX Europe. This distinction is important: Gruhn has publicly stated that he was unaware of the fraud at FTX before the exchange’s catastrophic collapse in November 2022. Unlike other FTX executives who faced legal scrutiny, Gruhn’s financial position remained independent of the fraudulent operations, allowing him to preserve and deploy capital from legitimate business ventures.

The Historic Titanic Acquisition

The watch Gruhn purchased is far more than a luxury collectible—it’s a piece of maritime history recovered from one of civilization’s most infamous disasters. John Jacob Astor IV was returning from a European honeymoon with his pregnant wife, Madeleine Astor, when the Titanic struck an iceberg in 1912. An officer prevented Astor from boarding a lifeboat until all women and children were evacuated. When his body was recovered from the ocean, the 14-karat gold watch remained with his possessions, along with cuff links, a diamond ring, and a gold pencil.

Gruhn plans to display the watch and its accompanying artifacts in museums, transforming a personal acquisition into a public cultural contribution. According to reporting from The Wall Street Journal, this purchase represents not just a collector’s indulgence but an investment in historical preservation.

FTX’s Recovery Efforts and Gruhn’s Settlement

The acquisition also underscores Gruhn’s financial recovery following FTX’s implosion. In July 2023, the FTX bankruptcy estate pursued claims for over $323.5 million in damages against FTX Europe’s leadership. However, Gruhn and other European executives reached a settlement agreement, ultimately buying back FTX’s European assets for approximately $33 million—a resolution that allowed him to move forward without prolonged legal entanglement.

Life After FTX

Since leaving the cryptocurrency industry’s wreckage behind, Gruhn has relocated to Oregon, where he now operates a German Catholic television network and is developing a new cryptocurrency derivatives exchange in Europe. His pivot away from FTX reflects a broader pattern among some industry figures to rebuild and diversify their professional portfolios rather than fade from public view entirely. The $1.5 million Titanic watch purchase exemplifies how technology entrepreneurs are increasingly investing in historical artifacts and cultural preservation—a trend that mirrors broader wealth management strategies in the post-crypto-collapse era.