BTC Exchange FTX Seeks Approval to Sell Stake in AI Startup Anthropic Holdings
BTC exchange FTX, which recently filed for bankruptcy, is seeking approval to sell its 8% stake in AI startup Anthropic Holdings. The current CEO of FTX, John Ray III, has filed a motion requesting permission to sell the stake, proposing either an auction or a private sale as possible procedures. FTX is aiming to expedite the process by requesting a shortened objection period, with a court hearing scheduled for February 22. The exact price for the Anthropic shares has been redacted from the filing to maximize potential offers. The stake could be worth approximately $1.4 billion based on Anthropic Holdings’ valuation of up to $18 billion.
FTX Also Files Motion to Sell Claim Against Genesis Global Capital
In addition to the stake in Anthropic Holdings, FTX has filed a motion to sell its $175 million claim against bankrupt firm Genesis Global Capital. This claim was initially made by Alameda Research, FTX’s hedge fund. If approved, FTX will have the flexibility to sell the claim in its entirety or in parts. Currently, claims against Genesis are selling for 65% of their face value, higher than Alameda Research’s claimed value of 38%. The motion seeks approval for a streamlined sales procedure that would apply to all sales of the claim.
Genesis Had $175M Tied Up in FTX Accounts
During FTX’s own collapse in November 2022, Genesis had $175 million tied up in FTX accounts. However, it claimed that this did not impact its market-making activities. Genesis filed for bankruptcy in January 2023 and is currently involved in a dispute with Gemini over the Gemini Earn program. Genesis recently reached a settlement with the US SEC regarding the Gemini Earn program, which will be reviewed during a court hearing in New York on February 14 along with Genesis’ proposed bankruptcy reorganization plan.
Hot Take: FTX Looks to Generate Funds Through Asset Sales
BTC exchange FTX is making moves to generate funds and address its financial obligations by seeking approval to sell its stake in Anthropic Holdings and its claim against Genesis Global Capital. These asset sales present significant opportunities for FTX to maximize returns for stakeholders and repay customer and creditor claims. With the potential value of the stake in Anthropic Holdings estimated at $1.4 billion and the favorable market conditions for selling the claim against Genesis, FTX is strategically divesting illiquid assets to fulfill its commitments. These actions demonstrate FTX’s determination to recover and rebuild after its collapse.
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