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FTX, the bankrupt crypto exchange, has reportedly filed a motion with the court to sell its stake in Anthropic, an artificial intelligence (AI) company. Anthropic is currently valued at $18 billion, with FTX owning a 7.84% stake in the company, reflecting a $1.4 billion value.
FTX has filed a motion with the court to sell its nearly 8% stake in artificial intelligence company Anthropic. FTX’s exact stake in Anthropic, which is valued at $18 billion, would be 7.84%, which would make the stake worth about $1.4 billion. https://t.co/LeIxC1CENS
— Wu Blockchain (@WuBlockchain) February 4, 2024
FTX’s stake in Anthropic is considered its most significant remaining illiquid asset. Sam Bankman-Fried, FTX’s former CEO, reportedly invested $500 million in the AI company in October 2021.
Besides filing for the court to approve the selling of its Anthropic shares, FTX, under the current leadership of CEO John Ray III, pleaded with the court to shorten the sale’s deliberation period. FTX requested for its Anthropic stake sale hearing to happen on February 22, after an objections hearing due by February 15.
The bankrupt crypto exchange explained in the filing that it would sell the stake via two possible avenues: an auction or a private sale. FTX representatives reportedly redacted the price they are seeking for the Anthropic shares, saying:
The public disclosure of the Reference Price could be detrimental to the Debtors’ goal of obtaining higher and better offers for the Anthropic Shares.
Anthropic is an American AI startup founded by former members of OpenAI. It is a public benefit corporation (PBC) connected to the effective altruism movement. FTX’s move to sell its Anthropic stake aligns with its repayment plans to those affected by the crypto exchange’s collapse in 2022.
Considering Anthropic’s $18 billion valuation and the $1.4 billion worth of FTX’s stake, the victims are hopeful that selling the stake could help the new FTX leadership achieve its goal. FTX reportedly anticipates enough funds to pay all customer and creditor claims.
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