FTX Initiates Sale of Stake in AI Company Anthropic - Latest cryptocurrency news

FTX Initiates Sale of Stake in AI Company Anthropic

FTX, the defunct cryptocurrency exchange, is looking to offload its stake in artificial intelligence enterprise Anthropic, approximately 8%, which could rake in over a billion dollars. The firm has urged the bankruptcy court to expedite the sales process to align with the scheduled court hearing on February 22.

FTX Aims for Quick Asset Liquidation

Under John Ray III’s management, succeeding Sam Bankman-Fried, FTX has submitted a request for the court’s nod to sell its Anthropic investment. Concurrently, FTX seeks to compress the negotiation window to ensure the sales bid is reviewed during the upcoming court date. Stakeholders have until February 15 to voice any opposition.

Technology & Populer Science News: Newslinker.co

The legal documents specify FTX’s precise shareholding in Anthropic at 7.84% and suggest two potential sales avenues—an auction or a private transaction. FTX’s attorneys have underscored the importance of keeping the desired share price under wraps to attract superior offers and maximize returns from the sale.

Valuation Suggests Billion-Dollar Asset for FTX

With Anthropic’s valuation peaking at $18 billion in its latest assessment, FTX’s share translates to an estimated $1.4 billion. The proceeds from the share sale are expected to be a crucial asset for creditors in the wake of FTX’s collapse.

The liquidation of the Anthropic stake is anticipated to contribute significantly to settling claims and ensuring no creditors are disadvantaged by FTX’s bankruptcy proceedings.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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