Collapsed Crypto Exchange FTX Receives Approval to Sell Stake in Anthropic
FTX, the collapsed crypto exchange, has been granted permission by a US federal bankruptcy judge to sell its stake in artificial intelligence (AI) firm Anthropic. The exchange initially invested $500 million in Anthropic, giving it an equity stake of nearly 14%. However, subsequent fundraising events led to a dilution of FTX’s stake, bringing it down to 7.84%. Despite initial pushback from customers who claimed the investment was made using embezzled funds, the court approved the sale under the condition that FTX customers would eventually own the proceeds. The sale of its Anthropic shares could potentially generate around $1.4 billion for FTX.
FTX’s Plans to Repay Creditors
The approval to sell its stake in Anthropic is part of FTX’s larger strategy to repay creditors affected by its collapse in November 2022. The profits from the sale will provide a much-needed boost to the company’s repayment efforts.
Significant Appreciation in Anthropic Shares
In its February filing, FTX acknowledged the increased interest in AI and large language models, which has resulted in a significant appreciation in the value of Anthropic shares since their acquisition in 2021.
Hot Take: FTX Cleared to Sell Stake in Anthropic – A Positive Step Towards Repayment
The approval for FTX to sell its stake in Anthropic is a positive development for both the exchange and its creditors. By unlocking potential funds from this investment, FTX can make progress towards repaying those affected by its collapse. While there was initial resistance from customers, the court’s decision ensures that any proceeds from the sale will eventually benefit them. This news not only highlights FTX’s commitment to resolving its financial obligations but also demonstrates the value and potential of AI investments in the crypto industry.
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