Home Finance News FTX requests rapid approval to sell 8% share in Anthropic.

FTX requests rapid approval to sell 8% share in Anthropic.

FTX requests rapid approval to sell 8% share in Anthropic.

The bankrupt cryptocurrency exchange FTX is aiming to sell its 8% stake in AI startup Anthropic, a valuable asset that received a $500 million investment from FTX’s former CEO. Led by new CEO John Ray III, FTX has filed a motion for approval to sell the stake in Anthropic and is seeking to expedite the process so it can be heard at the bankruptcy court’s upcoming hearing on February 22. The exact value of the stake in Anthropic remains undisclosed, but the company’s lawyers have redacted the price, citing the potential detriment to their goal of obtaining higher offers for the shares.

With Anthropic being valued at as high as $18 billion, FTX’s 7.84% stake is estimated to be worth around $1.4 billion. This significant asset has provided hope for victims of the FTX collapse, as FTX anticipates it has enough funds to pay all customer and creditor claims in full. Ultimately, the sale of FTX’s stake in Anthropic could have a significant impact on the outcome of the cryptocurrency exchange’s bankruptcy proceedings.

Overall, the decision to sell FTX’s stake in Anthropic serves as a pivotal moment for the bankrupt cryptocurrency exchange, as it seeks to leverage this valuable asset to fulfill its financial obligations. The potential sale has offered hope to affected parties, indicating that FTX may have the resources to honor all claims in full. As FTX navigates through its bankruptcy proceedings, the decision on the sale of its stake in Anthropic could become a defining factor in the resolution of its financial obligations.

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