FTX Files to Sell $884M Stake in Anthropic

1. FTX files to sell majority of its $884 million stake in Anthropic, aim to monetize in the AI company.
2. Key buyers include ATIC Third International Investment Company, Jane Street, and funds managed by Fidelity, diversifying the buyer pool.
3. Court filings indicate FTX’s strategic shift and confidence in the sale’s potential contribution to customer repayment and financial stability.

FTX, the cryptocurrency exchange, has filed to sell the majority of its stake in Anthropic, a prominent AI company, for a staggering $884 million, according to court documents. This move marks a significant divestment strategy by FTX, aiming to monetize its interest in Anthropic.

Court filings disclose the key buyers of the Anthropic shares. ATIC Third International Investment Company, linked to Mubadala associated with the Abu Dhabi government, emerges as the largest purchaser, acquiring 16 million shares for nearly $500 million.

Additionally, Jane Street and funds managed by Fidelity Management & Research Company LLC are set to acquire sizable portions of the stake, further diversifying the buyer pool.

FTX’s Strategic Shift

FTX’s stake in Anthropic currently stands at 8%, with its previous CEO, Sam Bankman-Fried. Thet acquired it for $500 million in 2021. In fact, the decision to sell signals a strategic shift for FTX, potentially allowing the exchange to reallocate resources and focus on core operations.

Earlier court filings indicate that FTX debtors plan to execute the sale of Anthropic shares. Moreover, they aim to capitalize on optimal market conditions. The move aligns with efforts to monetize assets and repay creditors fully, as evidenced by FTX’s confidence in the sale’s potential contribution to customer repayment.

With objections to the sales required to be filed by April 1, the court documents highlight the procedural timeline for the transaction. A bankruptcy judge previously granted FTX permission to proceed with the sale, underscoring the legal groundwork laid for the divestment.

FTX’s decision to offload its Anthropic stake follows recent divestments. This includes the sale of its GBTC holdings worth nearly $1 billion.

Future Plans and Exchange Status

Despite the divestments, FTX clarified earlier this year that it has no plans to relaunch the exchange. The focus remains on leveraging asset sales to optimize financial stability and address creditor obligations.

As FTX progresses with its divestment strategy, stakeholders closely monitor developments. They are anticipating the impact on the exchange’s financial health and customer repayment initiatives.