The bankrupt cryptocurrency exchange FTX has submitted a motion to the U.S. Bankruptcy Court in Delaware, seeking approval to sell its entire stake in the artificial intelligence (AI) company Anthropic. The motion includes the sale of Anthropic Series B preferred stock, along with the associated rights or interests, owned by Alameda Research, FTX's sister company. The former CEO of FTX, Sam Bankman-Fried, invested approximately $530 million in Anthropic in April 2022, using funds that initially came from customer deposits on FTX. This investment was made seven months before the collapse of the FTX empire in November 2022.
Alameda Research held about 13.56% of Anthropic's shares after the Series B round closed in April 2022. However, subsequent funding rounds diluted Alameda's stake to 7.84% as of January. As of December 2023, Anthropic was valued at $18 billion, and Alameda's stake in the company was estimated to be worth about $1.4 billion. The bankruptcy court is set to review FTX's motion on February 22, where the exchange is seeking approval for the sale of Anthropic.
FTX is aiming to expedite the review time for its motion to sell, with the intention of reaching a resolution at the upcoming bankruptcy court meeting. The exchange emphasizes the importance of flexibility in adjusting the sales schedule, stating that it would help facilitate collaborations and capture excess demand for Anthropic equity securities from potential financing rounds. The divestment of Anthropic is part of FTX's strategy, under new management, to recover funds and fully repay customers. FTX's legal representative, Andy Dietderich, has expressed confidence in the exchange's ability to repay users and creditors in full, rejecting proposals to restart the platform.
In a similar move, FTX filed another motion on February 1, seeking approval to sell a $175 million claim against the bankrupt digital financial services company Genesis Global Capital. These initiatives are part of FTX's efforts to recoup assets and meet its financial obligations during the bankruptcy proceedings.
