The most significant remaining illiquid asset of bankrupt cryptocurrency exchange FTX is likely to be sold: an 8% interest in the lucrative AI business Anthropic, which Sam Bankman-Fried, the former CEO of FTX, invested $500 million in in October 2021.
The company has filed a motion requesting a judge’s approval to sell FTX’s interest in Anthropic. John Ray III is the company’s current CEO.
The firm has filed a second motion to shorten the term of discussion. By February 15th, objections to the motion must be made to make the sale move heard at the upcoming bankruptcy court hearing on February 22.
The document details the precise amount of FTX’s 7.84% share in Anthropic as well as the two primary channels by which the stake may be sold: private sale or auction.
The asking price for the Anthropic shares was withheld by FTX’s legal team because “the Debtors’ goal of obtaining higher and better offers for the Anthropic Shares could be detrimental to the public disclosure of the Reference Price.”
According to Anthropic’s most recent stated valuation, which was as high as $18 billion in December 2023, FTX’s stock would be worth roughly $1.4 billion.
FTX anticipates that the firm will have sufficient capital to settle all customer and creditor claims in full. The value of the Anthropic shares has proven to be a significant source of hope for victims of the FTX collapse.
Also Read: FTX Creditors Continues to Seek Higher Bitcoin Payouts
