According to a report, a U.S. bankruptcy judge has approved FTX’s plan to sell its shares in AI startup Anthropic, one of the collapsed crypto exchange’s key assets. In 2021, FTX acquired a 7.84% stake in Anthropic for $500 million. As part of its ongoing bankruptcy proceedings, FTX sought court permission to sell the shares.
Initially, some former FTX customers opposed the sale, arguing the shares were purchased using funds stolen from users. However, the judge approved the sale after FTX reached a compromise allowing customers to dispute ownership of the sale’s proceeds later.
Given Anthropic’s growth, FTX expects to sell the shares at a profit over its 2021 acquisition price. The sale will provide liquidity for FTX’s $6.4 billion bankruptcy estate, helping repay customers and creditors. FTX aims to fully reimburse customers at November 2022 crypto prices rather than current higher values.
The judge’s approval came after FTX founder Sam Bankman-Fried was convicted in November 2022 for defrauding FTX users out of billions in what could be one of history’s largest financial frauds. Bankman-Fried faces sentencing on March 28 and plans to appeal.
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