FTX, a collapsed cryptocurrency exchange, is preparing to divest its approximately $1 billion stake in artificial intelligence company Anthropic as part of an agreement to settle bankruptcy debts, CNBC reported on March 22. Sources familiar with the matter, who requested anonymity due to ongoing financial negotiations, revealed that Anthropic is currently evaluating potential investors to acquire the stake, with the deal expected to finalize "within weeks."
The shares in Anthropic were acquired by FTX through a special purpose vehicle (SPV), a separate corporate entity established to ensure legal compliance and financial obligations in the event of bankruptcy. Despite the shares being classified as "Class B" non-voting shares, sources cited by CNBC disclosed that Saudi Arabia has been excluded from the discussions due to purported national security concerns. However, it remains unclear whether this exclusion pertains solely to state investors or extends to individual or corporate entities from Saudi Arabia, or even to foreign nationals running the company.
Delaware Bankruptcy Court Judge John Dorsey ruled in February that FTX was permitted to sell its stake in Anthropic, which was acquired for approximately $530 million in April 2022. The value of these shares has nearly doubled amid the surge in artificial intelligence, now estimated to be worth around $1 billion.
This development occurs shortly before the scheduled sentencing hearing of FTX CEO Sam Bankman-Fried, slated for March 28. Bankman-Fried was convicted in November 2023 on seven counts of fraud. U.S. Attorney Damian Williams characterized Bankman-Fried's actions as one of the largest financial frauds in U.S. history, describing it as an attempt to establish dominance in the cryptocurrency realm through a multi-billion dollar scheme.
