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Judge Greenlights FTX's Billion-Dollar Stake in Anthropic Sale

Judge Greenlights FTX's Billion-Dollar Stake in Anthropic Sale

Key Takeaways

  • FTX received court approval to sell Anthropic shares, potentially adding over $1 billion to its cash reserves.
  • The sale proceeds would be allocated to the $6.4 billion set aside for customer repayments.
  • Creditor repayments will be based on crypto values at FTX's bankruptcy time.

During a hearing on February 22, Judge John Dorsey of the Delaware Bankruptcy Court approved FTX's proposal to sell its shares of the AI firm Anthropic.

This would potentially add over $1 billion to the company's cash reserves.

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The investment in Anthropic was made in April 2022 for approximately $530 million. Despite FTX's bankruptcy filing in November of the same year, the value of the investment has grown significantly due to the increased valuation of Anthropic.

Customers of FTX initially opposed the sale, stating that the funds to purchase these shares were improperly taken from them. An agreement was later reached on the terms that the money gained would be used for compensations.

This will add to the $6.4 billion in assets FTX has already gathered for repayments, as stated by Andrew Dietderich, representing FTX through Sullivan & Cromwell. Dietderich also mentioned that FTX is on track to fully settle its debts with creditors, abandoning any plans to revive the exchange.

The reimbursement to creditors will reflect the cryptocurrency values at the time of FTX's bankruptcy filing, when Bitcoin's price was considerably lower than its current value.

Sam Bankman-Fried, was found guilty of seven fraud-related charges and is scheduled for sentencing on March 28. Despite the verdict, the ex-FTX leader still asserts his innocence and intends to "vigorously fight the charges against him."

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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