Bankrupt cryptocurrency exchange FTX is preparing to sell its most important remaining illiquid asset, its 8% stake in the valuable AI startup Anthropic, but Anthropic will be closed in October 2021 received a $500 million investment from former FTX CEO Sam Bankman Fried.
The company, currently led by CEO John Ray III, has filed a motion asking a judge to approve the sale of FTX's Anthropic stake. The company also filed a separate motion to shorten the consideration period for the sale motion to be considered at the Bankruptcy Court's next hearing on February 22nd. Appeals to the complaint are due by February 15th.
The filing discloses the exact size of FTX's stake in Anthropic (7.84%) and outlines two main steps by which the stake can be sold: auction and private sale. FTX's lawyers redacted the price they were seeking for Anthropic's shares, stating that “disclosure of the reference price could adversely affect the debtors' goal of obtaining a higher and better offer for Anthropic's shares.'' There is,” he claimed.
According to Anthropic's latest report, its valuation as of December 2023 is as high as $18 billion, making FTX stock worth about $1.4 billion. The value of Anthropic stock has proven to be quite a silver lining for the victims of the FTX bankruptcy, and FTX actually expects to have enough funds to pay all customer and creditor claims.
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