Cryptocurrency exchange FTX has sought approval from the bankruptcy court to sell its stake in artificial intelligence firm Anthropic. The sale of FTX’s approximately 8% stake in Anthropic could generate over a billion dollars in revenue. FTX has also requested to expedite the process so that the sale can be considered at the upcoming hearing on February 22.
FTX, which received a $500 million investment from former CEO Sam Bankman-Fried, is preparing to sell its most significant illiquid asset. The company has filed a petition with the court to seek approval for the sale of its Anthropic shares. Furthermore, FTX has requested a shorter negotiation period for the sale request, aiming to have it heard at the bankruptcy court’s next session. Any objections to the request must be submitted by February 15.
According to court filings, FTX holds a 7.84% stake in Anthropic and has proposed two main methods for selling the shares: through an auction or a private sale. FTX’s lawyers have expressed concerns about publicly disclosing the reference price, as it may impact the company’s goal of obtaining higher and better offers for the Anthropic shares.
Based on Anthropic’s valuation of up to $18 billion in December 2023, FTX’s stake in the company is estimated to be worth around $1.4 billion. This value holds significant importance for the creditors affected by FTX’s bankruptcy. Despite worries from customers and claimants, FTX assures that the liquidation process will ensure all payments are made without any losses.
It is worth noting that the information in this article should not be considered investment advice. The cryptocurrency market carries high volatility and risk, and investors should conduct extensive research before making any decisions.
In conclusion, FTX is seeking to sell its stake in Anthropic, a move that could generate substantial revenue. With the court’s approval, this sale could provide considerable value for FTX amid its bankruptcy proceedings.
