FTX Seeks to Liquidate $1.4 Billion Anthropic Stake Amid Bankruptcy Proceedings

FTX is seeking court approval to sell its $18 billion stake in Anthropic, part of its strategy to liquidate assets after the collapse to repay customers and meet stakeholder commitments.

Intending to sell its 7.84 percent stake in Anthropic, an artificial intelligence business that was valued at around $18 billion as of December 2023, the defunct cryptocurrency exchange known as FTX is seeking court permission to do so. According to estimates, the value of this investment is somewhere around 1.4 billion dollars. After the collapse of FTX in November 2022, this step is part of the company’s attempts to recoup money and fully reimburse consumers and creditors. Sam Bankman-Fried, who previously served as CEO of FTX, first used customer deposits to make an investment of about $530 million in Anthropic through Alameda Research, which is a subsidiary of FTX. Initially, through this investment, Alameda was able to acquire a 13.56% stake in Anthropic; however, after subsequent fundraising rounds, this share was reduced to 7.84%.

FTX is trying to revise its sale proposal in a shorter period of time, with the goal of making a decision by the time the bankruptcy court is scheduled to take place on February 22, 2023. There is a strong chance that FTX will collect the cash needed to meet its financial commitments and optimize returns for stakeholders through the sale of its interest in Anthropic, which is seen as a major opportunity. A number of other approaches, such as auctions or private discussions, are being explored to facilitate the sale. This strategic disposal is in line with FTX’s larger asset liquidation plan, which is designed to pay customer commitments. Additionally, it highlights the company’s commitment to compensate customers who have been negatively affected.

As part of a larger attempt to liquidate assets, FTX is exploring the possibility of selling its stake in Anthropic. In the previous three months, the company sold over $700 million worth of cryptocurrency, in addition to selling a significant amount of its GBTC investments for over $600 million. The firm has also taken steps to sell a claim against defunct cryptocurrency lender Genesis, which is worth $175 million. This action shows that the corporation is prioritizing asset recovery and compensating customers over intentions to relaunch the exchange. According to the latest information, FTX has managed to accumulate recovered assets worth more than seven billion dollars. The company intends to disperse this money depending on the values ​​of the cryptocurrencies in November 2022, after the completion of the asset recovery phase.##

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