FTX Has Started Selling $1.4 Billion in Shares of Anthropic During Its Bankruptcy Proceedings

Bankrupt cryptocurrency exchange  FTX In a recent court filing to the U.S. Bankruptcy Court for Delaware, FTX has requested permission to proceed with selling its $1.4 billion stake in the AI research firm. Anthropic This investment consists of preferred Series B shares along with related rights or interests held through its affiliated cryptocurrency trading company. Alameda Research .

The choice to divest from Anthropic reflects FTX's latest management strategies focused on recovering funds and ensuring that all customers are reimbursed. Additionally, FTX is seeking to accelerate the approval process for the sale to reach a decision by the bankruptcy court's upcoming session on February 22.

"The ability to modify the sale schedule will aid in fostering cooperation, enabling the Debtors to take advantage of heightened demand for Anthropic's equity securities resulting from financing activities. Moreover, due to the substantial quantity and worth of Anthropic shares held, allowing flexible sale times will enable the Debtors to monetize their holdings effectively,\" stated the court documents.

Former FTX CEO  Sam Bankman-Fried  FTX invested roughly $530 million in Anthropic just seven months prior to the exchange's collapse in 2022. During the legal proceedings involving Sam Bankman-Fried, it was disclosed that the funds used for this investment originated from user deposits on FTX.

After the Series B funding round wrapped up, Alameda Research owned about 13.56% in Anthropic. However, later funding rounds led to further issuances of shares, which diluted Alameda's stake down to 7.84%. As of December 2023, Anthropic's valuation soared to $18 billion, placing the value of Alameda's investment at around $1.4 billion. Anthropic The legal team representing the insolvent cryptocurrency exchange expressed cautious optimism regarding the prospects of repaying users and creditors fully. However, it was stressed that this hopeful outlook remains an objective and not a certainty. Additionally, the firm has decided to abandon any initiatives to relaunch the exchange.

FTX Plans Full Debt Repayments

 The primary goal is to secure funds that will enable debt repayment as well as initiate the restructuring of financial liabilities to creditors. FTX also plans to sell its $175 million unsecured claims against the defunct cryptocurrency lender Genesis.

Recently, FTX submitted another  court filing This strategy follows FTX’s withdrawal from the Grayscale Bitcoin Trust ETF and a lawsuit that claimed over $9 billion in investor funds had become inaccessible within GBTC after FTX's downfall. The effort aims to recoup and optimize returns for the customers who incurred losses.

At present, the cryptocurrency exchange faces a staggering number of over 35,000 customer claims, totaling $16 billion in lost assets. Additionally, FTX carries debts nearing $3.1 billion owed to approximately 50 corporate creditors. divestment As FTX navigates this intricate financial landscape, it is dedicated to resolving customer claims and settling debts, showcasing a strong commitment to reclaim lost funds and surmount financial difficulties.

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Alisa, a passionate journalist at Cryptocurrencylistings, focuses on the realms of cryptocurrency, zero-knowledge proofs, investments, and the expansive universe of Web3. With a sharp eye on emerging trends and technological advancements, she provides thorough coverage to keep readers informed and engaged with the rapidly shifting landscape of digital finance.