- Judge Dorsey greenlights FTX’s sale of its 8% Anthropic stake.
- Conflicting valuations of Anthropic (between $15B and $18B) introduce ambiguity, but FTX aims to exceed $1 billion amid bankruptcy proceedings.
- FTX strategically sells Grayscale’s bitcoin ETF shares, contributing around $1 billion.
In a pivotal development for FTX estate, Judge John Dorsey has given the green light to the motion filed.
Earlier this month, allowing the exchange to sell its 8% stake in the artificial intelligence startup, Anthropic.
This decision comes as FTX seeks to capitalize on the profitable venture, potentially fetching over $1.4 billion based on valuations from the previous year.
Valuation Discrepancy Raises Questions
While reports from last year valued Anthropic at $18 billion, a recent article in The New York Times suggests a valuation of $15 billion.
The uncertainty surrounding the actual worth of the AI company leaves the total amount from the stake sale unclear.
Regardless, the investment is poised to exceed $1 billion, injecting much-needed funds into the financially strapped FTX.
Former CEO’s Strategic Investment
In 2021, Former FTX CEO Sam Bankman-Fried strategically invested approximately $500 million in Anthropic, positioning the bankrupt exchange for substantial returns.
This decision to divest the stake aligns with the estate’s objective to monetize its interest in Anthropic.
This is emphasizing the flexibility to sell shares at optimal times following the AI company’s capital-raising efforts.
FTX’s Financial Manoeuvres Amid Bankruptcy
This latest development follows FTX’s successful sale of shares in Grayscale’s bitcoin ETF, where the estate reportedly unloaded around $1 billion of GBTC.
The approval to sell Anthropic’s stake adds another layer to FTX’s financial maneuvers as it navigates bankruptcy proceedings.
Lawyers representing the estate assure full payment to creditors. However, the estate abandons the previously proposed reboot plans. This is due to a lack of investor interest and the absence of potential buyers.
Customer Data and Recovery Strategies
Despite the setbacks, the FTX estate still holds valuable customer data.
As FTX continues its recovery efforts, the sale of Anthropic’s stake stands as a beacon of financial recovery, positioning the exchange to settle its debts and emerge from the bankruptcy saga.
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