FTX Estate to Monetize AI Investment, Seeks Sale of Anthropic Shares Amid Bankruptcy Proceedings

FTX Estate to Monetize AI Investment, Seeks Sale of Anthropic Shares Amid Bankruptcy Proceedings

In a significant move within the crypto bankruptcy landscape, FTX Trading Ltd. has announced its intention to sell its equity interests in the artificial intelligence (AI) firm, Anthropic PBC. Holding close to an 8% stake, valued between approximately $1.47 billion to upwards of $2.4 billion, FTX is navigating its Chapter 11 bankruptcy with this strategic asset liquidation. This sale marks a pivotal step in FTX’s efforts to maximize returns for creditors from its high-value, illiquid assets.

FTX Aims to Sell Close to 8% Stake in the AI-Giant Anthropic

FTX and its affiliates, amidst their ongoing Chapter 11 bankruptcy proceedings, have motioned for court approval to sell their shares in Anthropic PBC. The motion outlines a structured sale process, aimed at divesting the shares free of any encumbrances. FTX’s stake, acquired through a significant investment round, represents a notable share in Anthropic, reflecting the depth of FTX’s entanglement in high-tech ventures prior to its financial upheaval.

The backdrop of FTX’s investment in Anthropic traces back to a series of financial maneuvers, culminating in a substantial equity position through a $500 million investment. This move was emblematic of FTX’s broader strategy to diversify its portfolio across cutting-edge technologies, demonstrating the former crypto exchange’s ambitious reach beyond its core operations. The decision to liquidate its stake in Anthropic comes as FTX seeks to navigate its complex bankruptcy situation, striving to unlock value from its illiquid assets for customer compensation.

The proposed sale, as detailed in the court filing, underscores the significance of Anthropic’s valuation in the AI sector, pegged between $18.4 billion to $30 billion. FTX’s stake, approximately 7.84%, is positioned as a high-value asset within its bankruptcy estate. This liquidation strategy is reflective of the growing interest and perceived value in AI technologies, where Anthropic has emerged as a key player. The sale process aims to leverage this momentum, offering a rare opportunity for stakeholders to engage with one of the AI industry’s most promising ventures.

As the bankruptcy court scrutinizes FTX’s proposal, the suggested divestiture of Anthropic shares marks a pivotal moment in the bankruptcy proceedings. This development follows creditors expressing dissatisfaction that their digital currency payouts will reflect the valuations from November 2022. For example, a bitcoin (BTC) in FTX’s possession would be appraised at $16,871 each, despite its present value of $42.9K. In response, four clients lodged a grievance, appealing to the judiciary for equitable resolution and asserting that the assets are the rightful property of the clients, not the exchange.

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