FTX, the defunct cryptocurrency exchange, is actively pursuing avenues to reimburse its customers while facing regulatory and creditor pressures. One of its latest moves involves requesting court approval to sell its $1.4 billion stake in the AI startup Anthropic. This bold step aligns with FTX’s commitment to repay its customers as it continues to navigate the aftermath of its collapse in November 2022.
FTX’s former CEO, Sam Bankman-Fried (SBF), had invested a substantial sum, exceeding $500 million, in Anthropic between October 2021 and April 2022. During SBF’s legal trial, startling revelations unveiled that these funds originated from customer deposits on the FTX platform. This direct connection between customer deposits and investments in Anthropic has underscored the urgency of FTX’s efforts to repay its claimants.
After the closure of Anthropic’s Series B funding round in April 2022, Alameda Research, a sister company of FTX, initially held a stake of approximately 13.56% in Anthropic. However, subsequent funding rounds diluted Alameda’s ownership, reducing it to 7.84% as of January. Despite this dilution, the value of Anthropic has surged, currently standing at an impressive $18 billion. This valuation reflects FTX’s substantial stake in the company, which now stands at around $1.4 billion.
FTX’s legal motion
In its pursuit of reimbursing customers, FTX has formally submitted a motion to the bankruptcy court, seeking authorization to sell its Anthropic Series B Preferred Stock and any associated rights or interests. The court is expected to review and decide on this motion in its upcoming meeting scheduled for February 22. This sale would provide FTX with the much-needed liquidity to fulfill its obligations to creditors and claimants if approved.
The decision to divest from Anthropic is a strategic move in FTX’s broader initiative to recover funds. It emphasizes FTX’s commitment to fully compensate its customers who have been patiently waiting for over a year for their reimbursements. With over 9 million claimants eagerly awaiting repayment, the potential sale of the $1.4 billion Anthropic stake is a significant step forward in making customers whole again.
FTX’s pursuit of selling its stake in Anthropic offers hope for creditors waiting for reimbursement. If the court approves the sale, FTX will access over $1 billion in liquidity, which can be allocated toward settling its outstanding debts. This development could bring relief to creditors who have been anxious about the fate of their investments.
A long-awaited resolution
FTX’s ongoing journey to reimburse its customers has been fraught with challenges and uncertainties. However, the potential sale of its Anthropic stake signals a potential turning point. With the court’s approval, FTX may finally be in a position to make substantial progress toward fulfilling its financial obligations.
FTX’s request for court approval to sell its $1.4 billion stake in Anthropic represents a pivotal moment in the exchange’s efforts to reimburse its customers. The connection between customer deposits and investments in Anthropic has added urgency to this endeavor, and FTX’s commitment to fulfilling its obligations remains steadfast.
As the court reviews the motion in the coming weeks, it is hoped that this move will bring relief to over 9 million claimants eagerly awaiting their reimbursements and provide creditors with a path toward resolution.
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