FTX Estate Sells Remaining Shares of Anthropic AI Startup for $800 Million
The FTX bankruptcy estate has recently concluded the liquidation of its last remaining shares in the artificial intelligence (AI) startup Anthropic, netting approximately $800 million in proceeds. Here are the key details of this significant development:
– The FTX estate sold the remaining 15 million shares in Anthropic at $30 per share
– This resulted in proceeds exceeding $452 million from the sale
– The top buyer in this transaction was G Squared, a venture capital fund
– They acquired around 4.5 million shares for approximately $135 million
– Other buyers included Fund FG-BLU and several hedge funds and investment companies
Details of the Anthropic Shares Sale
In a move to fully reimburse former customers of the now-defunct FTX exchange, the bankruptcy estate has been actively involved in asset liquidations. The sale of the remaining Anthropic shares is part of this ongoing process:
– FTX estate cashed in on the last portion of its Anthropic shares for $800 million
– Sale of shares came after the exchange previously unloaded bulk of shares for $900 million
– Initial investment in Anthropic shares by FTX exchange and Alameda was $500 million
FTX Bankruptcy Fees Exceed $700 Million
In addition to the sale of Anthropic shares, the bankruptcy proceedings for FTX have incurred substantial costs, surpassing $700 million. Here are the key expenses detailed in a recent report:
– Alvarez & Marsal, the consulting firm overseeing FTX estate, charged $212 million for their services
– Legal counsel Sullivan and Cromwell billed $202 million for their contributions
– FTX CEO John Ray has invoiced the estate $5.6 million at a rate of $1,300 per hour
Impact of FTX Bankruptcy on Industry
The FTX bankruptcy proceedings and subsequent asset liquidations have raised questions about the impact on the crypto industry as a whole:
– Market reactions to the FTX estate’s sales and fees
– Regulatory implications of the bankruptcy on crypto exchanges
– Long-term effects on investor confidence in the crypto space
Hot Take: Future of FTX and Industry Outlook
As the FTX estate continues to navigate the bankruptcy process, it remains to be seen how the final reimbursements to customers will be fulfilled and what impact this will have on the broader crypto community. Stay tuned for further updates on this evolving situation.
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