FTX receives go-ahead to sell its stake in AI startup Anthropic
Feb 23, 2024 - crypto.news
Collapsed crypto exchange FTX has received approval from a US federal bankruptcy judge to sell its stake in AI firm Anthropic. The stake, which was initially nearly 14% following a $500 million investment in 2021, has since been diluted to 7.84% due to subsequent fundraising events by Anthropic. Despite initial customer resistance, the sale was approved on the condition that customers could later argue ownership of the funds obtained from the sale. The sale could potentially bring in around $1.4 billion for FTX, aiding in its efforts to repay creditors following its collapse in November 2022.
In addition to this, FTX has proposed to sell its subsidiary Digital Custody to CoinList for $500,000, a significant reduction from its initial purchase amount of $10 million. This comes as part of FTX's ongoing plans to pay back creditors and recover from its financial collapse.
Key takeaways:
FTX has been given approval to sell its stake in AI startup Anthropic, which has more than doubled in value since FTX's initial investment.
The sale of the stake, which was initially met with pushback from customers, is part of FTX's plans to repay creditors following the exchange's collapse in November 2022.
The stake in Anthropic could be valued at around $1.4 billion, providing a significant boost to FTX's repayment efforts.
FTX has also proposed to sell its subsidiary Digital Custody to CoinList for $500,000, a significant loss from its initial purchase amount of $10 million.
