United

when

Read

Collapsed crypto exchange FTX has been cleared to sell its stake in Anthropic which has more than doubled in value since the exchange’s investment.&nbsp; 
United States federal bankruptcy judge John Dorsey <a href="https://www.reuters.com/technology/crypto-exchange-ftx-sell-shares-ai-startup-anthropic-2024-02-22/" target="_blank" rel="noopener">approved</a> FTX’s motion to sell its shares in artificial intelligence (AI) firm Anthropic on Feb. 22, marking a new chapter in the exchange’s plans to pay back creditors. 
FTX, led by its former CEO <a href="https://crypto.news/sam-bankman-fried-allowed-to-replace-lawyers-despite-possible-conflict/" data-type="post" data-id="14251330">Sam Bankman-Fried</a>, invested $500 million in Anthropic in 2021, giving the exchange an equity stake of nearly 14%. But subsequent fundraising events by the AI company led to the dilution of FTX’s stake, bringing it to 7.84%. 
 You might also like: <a href="https://crypto.news/ftx-seeks-expedited-court-approval-to-sell-1-4b-anthropic-stake/"> FTX seeks expedited court approval to sell $1.4b Anthropic stake </a> 
There was an initial pushback from customers when the crypto exchange announced plans to sell its Anthropic shares, with the argument being that the purchase was made using embezzled customer funds. 
However, they agreed that the sale should proceed provided they can later argue that FTX customers own the funds gotten from the sale. FTX’s previous attempt to sell the shares in June 2023 <a href="https://crypto.news/ftxs-500m-stake-sale-in-ai-startup-delayed-hampering-2b-deficit-recovery/">was halted</a>. 
Meanwhile, the recent court approval could bring in more funds for FTX, with its Anthropic investment possibly valued at around $1.4 billion. The profit serves as a boost as the company seeks to repay creditors affected by the exchange’s collapse in November 2022.&nbsp; 
<blockquote class="wp-block-quote"> 
 “Given the increased interest in AI and large language models, there has been significant appreciation in the value of the Anthropic Shares since the Debtors’ acquisition and investment in Anthropic in 2021.” 
 Excerpt from FTX’s February filing – Reuters 
</blockquote> 
FTX recently <a href="https://crypto.news/ftx-to-divest-digital-custody-to-coinlist-at-major-loss/">proposed to sell</a> its subsidiary Digital Custody to CoinList for $500,000, significantly less than its initial purchase amount of $10 million. 
 Read more: <a href="https://crypto.news/new-crypto-exchange-backpack-started-by-former-ftx-and-alameda-execs/"> New crypto exchange Backpack started by former FTX and Alameda execs </a>

FTX receives go-ahead to sell its stake in AI startup Anthropic

crypto.news

Other articles published on Feb 23, 2024

Historic Lunar Landing by Intuitive Machines (LUNR) Sends Stock to the Moon

Bitcoin Price Prediction: ECB Officials Say BTC Fair Value Is Zero, Arthur Hayes Sees It At “Unfa...

$88 or $140? Where will Solana head next?

DOGE traders are increasing their holdings, should you do too?

Trump can now ‘live with’ Bitcoin after once calling it a ‘scam’

Bloomin’ Brands (BLMN) Announces $350 Million Share Repurchase Amid Strong Q4 Performance

Join our free newsletter for daily crypto updates!