Federal Bankruptcy Court Approves Sale of FTX’s $1 Billion Stake in Anthropic
A federal bankruptcy court has given the green light for collapsed crypto exchange FTX and its creditors to sell its $1 billion stake in Anthropic, the developer of Claude AI. The decision was made by U.S. Federal Judge John Dorsey after the motion was submitted to the Delaware bankruptcy court. This move is part of FTX’s efforts to repay its outstanding debts following its collapse in 2022.
FTX’s Plan to Sell Anthropic Shares
• Last June, FTX expressed its intention to sell its shares in Anthropic through Perella Weinberg Partners to recover funds and pay off debts.
• In October, the U.S. Department of Justice confirmed that FTX’s investment in Anthropic was unrelated to their case against FTX founder Sam Bankman-Fried.
• The sale of Anthropic shares is a form of clawback, which involves selling assets to retrieve funds before bankruptcy.
FTX’s Previous Asset Sale and Temporary Halt
• Before attempting to sell its Anthropic stake, FTX sold Ledger X, a derivatives trading platform, for $50 million in May.
• However, the planned sale of Anthropic shares was temporarily halted after it became public knowledge.
• The launch of Anthropic’s Claude 2 AI model may have influenced the pause in the sale process.
Permission to Sell Other Assets
• In September, FTX was granted permission to sell $3.4 billion worth of Solana, Ethereum, Bitcoin, and other assets.
• Initially, there was a weekly limit of $100 million on the tokens that FTX could sell.
• FTX held significant amounts of SOL, BTC, ETH, and APT at the time of the court documents.
Hot Take: FTX Continues to Pursue Debt Repayment
FTX’s approval to sell its $1 billion stake in Anthropic demonstrates its commitment to repaying its outstanding debts. This strategic move allows FTX to recover funds and potentially alleviate its financial situation. By leveraging the sale of assets and complying with the legal processes involved in bankruptcy, FTX is taking proactive steps towards resolving its financial obligations. The successful sale of Anthropic shares marks a significant milestone in FTX’s debt repayment journey.
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