FTX Strikes $884 Million Deal to Sell Anthropic Shares

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.

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