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FTX Strikes $884 Million Deal to Sell Anthropic Shares

FTX Strikes $884 Million Deal to Sell Anthropic Shares

Key Takeaways

  • FTX's bankruptcy estate sells its majority stake in Anthropic to 24 institutional investors for $884 million;
  • The sale benefits from AI's surge, notably ChatGPT, nearly doubling the value of FTX's initial $500 million investment in Anthropic;
  • This sale, approved by a US Bankruptcy Court judge, is a hopeful step towards repaying FTX's customers.

FTX's bankruptcy estate has announced a deal to sell two-thirds of its stake in Anthropic, an AI safety and research company, to 24 institutional investors for $884 million.

This transaction signifies an important phase in FTX's plan to reimburse its clients post-collapse.

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The deal's backdrop is the ascent of AI technology, notably highlighted by ChatGPT's success, which significantly increased Anthropic's valuation. Therefore, initially purchased for $500 million in 2021, FTX's 8% stake in Anthropic has seen its value almost double.

The sale of the stake was approved on February 22 by a US Bankruptcy Court judge.

The most significant participant in this deal is the ATIC Third International Investment Company, which acquired 16,664,167 Anthropic shares for $500 million. Other investors include Jane Street Global Trading, acquiring nearly $100 million in shares, and funds connected to Fidelity Investments, which are set to purchase nearly 1.5 million shares for over $44 million.

This sale is a beacon of hope for FTX's customers, offering a tangible path to recovering the funds lost during the exchange's abrupt downfall in November 2022. The FTX estate has committed to returning customers 100% of their holdings, a promise this sale significantly propels forward.

According to the March 22 court documents, objections to the sale are slated for filing by April 1. 

As the narrative of FTX's fall and gradual restitution continues to unfold, the sale of Anthropic shares marks a significant chapter in FTX's ongoing recovery efforts.

This decision comes just a few days before Sam Bankman-Fried, the founder of FTX, is set to be sentenced, with prosecutors recommending 40-50 years in prison and a $11 billion fine.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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