Full Repayment is Not a Dream! Bankruptcy Court Approves FTX's Sale of Stake in AI Startup Anthropic

According to Reuters, after reaching a compromise with the opposing creditors, FTX’s proposal to sell its stake in the artificial intelligence startup Anthropic was approved by Judge John Dorsey in Delaware’s bankruptcy court.

As previously reported, FTX invested $500 million in Anthropic in 2021. According to court documents, FTX currently holds a 7.84% stake in the company. The company sought permission from the court to sell these shares to liquidate assets under court supervision and repay FTX’s creditors. Given the increasing interest in AI and large language models, the value of Anthropic’s shares has significantly appreciated since the debtor’s acquisition and investment of Anthropic in 2021, with expected substantial profits.

FTX’s lawyer, Andy Dietderich, stated in Thursday’s court hearing:

Previously, some FTX clients opposed the proposal to sell Anthropic shares, arguing that FTX does not actually own the shares because they were purchased using funds misappropriated from FTX client deposits. However, the creditors agreed on Thursday to allow the sale to proceed, with the condition that the right to claim the proceeds of the sale in the future be retained for FTX clients.

In response, Andy Dietderich stated that FTX intends to use the sales proceeds to repay clients, and FTX currently has $6.4 billion in cash. FTX expects to fully repay all clients (but the value of user claims should be calculated based on cryptocurrency prices at the time of filing for bankruptcy in November 2022).

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