FTX is seeking court approval to sell its $18 billion stake in Anthropic as part of its post-collapse asset liquidation strategy to repay customers and meet stakeholder commitments.
The defunct cryptocurrency exchange known as FTX is seeking court permission to sell its 7.84% stake in Anthropic, an artificial intelligence company worth about $18 billion as of December 2023. According to estimates, the value of this investment is approximately $1.4 billion. Following the collapse of FTX in November 2022, this step is part of the company’s attempt to recover cash and fully repay consumers and creditors. Sam Bankman-Fried, who previously served as CEO of FTX, first invested about $530 million in Anthropic using customer deposits through FTX’s sister business, Alameda Research. It was through this investment that Alameda was originally able to acquire a 13.56% stake in Anthropic. However, after an additional funding round, this stake was reduced to 7.84%.
FTX is seeking to review the sale application in a short period of time, with the goal of making a decision by the Bankruptcy Court meeting on February 22, 2023. The potential for FTX is very high. Human Interest divestitures are seen as a key opportunity to raise the funds needed to meet financial commitments and optimize returns for stakeholders. Various approaches, including auctions and private discussions, are being investigated to make the sale easier. This strategic disposition is consistent with FTX’s large-scale asset liquidation plan designed to meet customer commitments. It also highlights the company’s commitment to reimbursing negatively impacted customers.
FTX is exploring the possibility of selling its stake in Anthropic as part of a larger attempt to liquidate its assets. In the past three months, the company has sold over $700 million worth of cryptocurrency, with a significant amount of GBTC investments worth over $600 million. The company also took steps to sell $175 million worth of claims on defunct cryptocurrency lender Genesis. This action shows that the company is prioritizing asset recovery and customer compensation over its intention to relaunch the exchange. According to the most recent information, FTX has successfully amassed over $7 billion in recovered assets. The company plans to disperse these funds according to the cryptocurrency value in November 2022 after the asset recovery phase is completed.##
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