FTX authorised to liquidate assets, selling Anthropic shares

  • FTX, a bankrupt cryptocurrency exchange, received court approval to sell its 7.84% stake in Anthropic, an artificial intelligence firm.
  • Despite objections from some clients who claimed the funds used to purchase the Anthropic shares were embezzled, FTX’s attorney Andy Dietderich stated that the proceeds of the sale would go towards reimbursing consumers, with FTX holding $6.4 billion in cash.

A U.S. judge ruled on Thursday that bankrupt cryptocurrency exchange FTX may sell its stake in artificial intelligence firm Anthropic.

Court approval granted: FTX cleared to sell Anthropic shares

FTX came to a settlement in court with a faction of FTX clients who had been against the sale, and U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware authorised FTX’s plan to sell the shares.

Based on court papers, FTX invested $500 million in Anthropic in 2021 and today owns 7.84 percent of the firm.

As part of its court-supervised effort to liquidate its assets and reimburse clients when the firm folded in 2022, the corporation has requested permission to sell the shares.

At a court hearing on Thursday, FTX attorney Andy Dietderich stated, “We are selling the Anthropic shares, as we are selling everything, and putting the money in the bank.”

Also read: FTX sells $1B in GBTC, ownership hits zero amid $2B ETF outflows

FTX to reimburse customers from sale

FTX originally acquired a 13.56% ownership position in Anthropic through its 2021 investment. Subsequent financing, including a $4 billion investment from Amazon.com, has reduced the FTX holding.

Also read: Independent bankruptcy examiner ordered to investigate FTX collapse

Customers who opposed the transaction contended that since FTX had acquired the Anthropic shares using money that had been embezzled from FTX customers’ deposits, FTX did not actually own the shares.

However, they decided on Thursday to approve the sale, provided that they may subsequently claim that any proceeds from the transaction will go to FTX consumers.

According to Dietderich, FTX already plans to reimburse consumers with the proceeds of the sale, and it has sufficient funds to reimburse any customer group that can persuade a judge that they are the rightful owners of the Anthropic shares.

FTX presently has $6.4 billion in cash.


Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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