FTX Eyes Fast Sale of Its $1.4 Billion Anthropic Stake

The bankrupt cryptocurrency exchange FTX is making swift strides to liquidate its valuable assets, notably its approximately 8% stake in the AI company Anthropic. This sale, potentially worth over a billion dollars, is part of FTX’s broader strategy to address its bankruptcy situation, offering hope for creditors caught in the exchange’s financial turmoil.

FTX Seeks Court Approval for Expedited Sale

FTX has officially sought the green light from the bankruptcy court to proceed with the sale of its stake in Anthropic, an AI startup that has shown considerable promise and growth in the tech industry. The request includes a proposal to shorten the sale negotiation period, aiming for a court hearing on February 22. This expedited process is crucial for FTX, now under the management of John Ray III, who took over from former CEO Sam Bankman-Fried following the exchange’s financial downfall.

The court documents filed by FTX reveal the exchange’s stake at 7.84% in Anthropic, emphasizing the importance of a swift and efficient sale process to maximize the returns for the company’s creditors. The proposed methods for selling the shares, through either auction or private sale, underscore FTX’s strategic approach to navigate its bankruptcy proceedings effectively.

The Importance of Anthropic Valuation

Anthropic, recognized for its groundbreaking contributions to the artificial intelligence sector, was last valued at approximately $18 billion in December 2023. This valuation places FTX’s stake at around $1.4 billion, a significant asset that could play a pivotal role in settling the claims of creditors affected by the exchange’s bankruptcy. The move to sell the Anthropic stake is a crucial step in FTX’s liquidation process, ensuring that all payments are made to creditors and no parties are left at a disadvantage.

FTX’s legal team has highlighted the importance of confidentiality regarding the reference price for the shares, arguing that public disclosure could undermine the process of obtaining the most favorable offers for the Anthropic stake. This strategy reflects FTX’s commitment to achieving the best possible outcome for its creditors through the sale.

The sale of FTX’s stake in Anthropic is significant for the creditors of the bankrupt exchange and holds broader implications for the cryptocurrency and AI industries. The potential infusion of over a billion dollars from the sale could have ripple effects, influencing market perceptions and investor confidence in both sectors. 

Read Also: FTX Reorganization Plan is a “Highway Robbery” – Ex-SEC Official