FTX to Sell 8% Stake in AI Startup Anthropic
The bankrupt cryptocurrency exchange FTX is planning to sell its remaining illiquid asset, an 8% stake in the valuable AI startup Anthropic. This is part of FTX’s strategy to liquidate assets and meet client obligations after divesting over $700 million in cryptocurrencies in the past three months.
FTX Seeks Expedited Approval for Sale
FTX has filed a motion requesting judicial consent for the sale and urging the court to expedite the process. The exchange aims to have the motion heard at the upcoming bankruptcy court hearing, with objections due by February 15.
The court filing outlines two potential options for selling the Anthropic stake: an auction or a private sale. The specific price sought by FTX has been redacted to avoid hindering higher and more favorable offers.
Anthropic’s Valuation and Importance of Sale
Anthropic gained attention when FTX’s former CEO invested $500 million in the AI company. Its reported valuation was as high as $18 billion, giving FTX’s stake a value of around $1.4 billion. FTX emphasizes that funds generated from the sale will be crucial in fulfilling customer and creditor claims.
Recent Divestments by FTX
In addition to selling cryptocurrencies worth over $700 million, FTX has disposed of 75% of its GBTC investments, generating approximately $600 million. The exchange has also initiated the sale of a $175 million claim against Genesis, a bankrupt cryptocurrency lender.
FTX Abandons Plans for Revival
FTX’s legal representative confirmed that plans to revive the exchange have been officially abandoned. Despite negotiations with potential investors and bidders, FTX failed to secure sufficient funding due to operational flaws and legal issues. The focus now is on customer reimbursement.
Hot Take: FTX Liquidates Assets to Meet Obligations
FTX’s decision to sell its stake in Anthropic is a significant step in its asset liquidation strategy. The exchange aims to fulfill customer and creditor claims by generating funds from the sale. This move follows FTX’s recent divestments of cryptocurrencies and other holdings. With plans for revival abandoned, FTX’s priority is ensuring full reimbursement for its customers.
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