The struggling crypto exchange, FTX, is making a move to get court approval for the sale of its entire stake in the artificial intelligence (AI) firm, Anthropic, as revealed in court filings on Feb. 3.
In a submission to the United States Bankruptcy Court for the District of Delaware, FTX is seeking approval to sell Anthropic Series B preferred stock, along with any associated rights or interests, owned by its sister company, Alameda Research.
The former CEO of the exchange, Sam Bankman-Fried, invested approximately $530 in Anthropic back in April 2022, just seven months before the collapse of his empire in November of that year. Interestingly, the capital invested in the AI startup originally came from customer deposits on FTX, as disclosed during Bankman-Fried’s legal trial in October 2023.
Alameda initially held around 13.56% of Anthropic after the Series B funding round in April 2022. However, subsequent funding rounds diluted Alameda’s stake to 7.84% by January. With Anthropic’s valuation reaching $18 billion as of December 2023, Alameda’s stake in the company is estimated at around $1.4 billion.
FTX is also pushing for a quicker review timeline for the sale motion, aiming for resolution during the bankruptcy court’s upcoming meeting on Feb. 22. The flexibility in adjusting the sale timeline is seen as crucial to facilitate cooperation and capture excess demand for Anthropic’s equity securities.
This divestment from Anthropic is a part of FTX’s new management strategy to recover funds and fully repay its customers. FTX’s legal representative, Andy Dietderich, emphasized the potential for full reimbursement to users and creditors during a recent court hearing, rejecting plans to restart the exchange. A similar motion was filed on Feb. 1 to sell a $175 million claim against the bankrupt digital financial services firm, Genesis Global Capital.
