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April

FTX, the bankrupt digital asset trading platform founded by disgraced crypto entrepreneur Sam Bankman-Fried, also known as SBF in the space, is set to drop its 8% stake in artificial intelligence firm Anthropic as per recent court filings.
The bankrupt crypto exchange is currently<a href="https://thecoinrise.com/ftx-debtors-submits-revised-reorganization-plan-for-creditors/" rel="noopener noreferrer nofollow"> undergoing a restructuring procedure</a> and seeks to repay its customers as well as its creditors. As reported earlier by TheCoinRise, the<a href="https://thecoinrise.com/ftx-to-repay-creditors-but-not-restart-exchange-lawyer/" rel="noopener noreferrer nofollow"> plan to restart the exchange has been dropped,</a> with the sole focus of the firm being the repayment of creditors.
<h2 id="span-style-font-weight-400-ftx-to-drop-8-stake-in-ai-firm-span">FTX to Drop 8% Stake in AI Firm</h2>
According to the<a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzA1NzAzMA==&amp;id2=-1" rel="noopener noreferrer nofollow"> filing</a> submitted in the United States Bankruptcy Court for the District of Delaware on February 3, the FTX estate has decided to sell Anthropic Series B Preferred Stock, including rights or interests therein, owned by its bankrupt sister trading company, Alameda Research.
It is important to mention here that in October 2021, Anthropic received a $500 million investment from Bankman-Fried, who is currently behind bars over fraud charges. Moreover, in April 2022, the AI firm further<a href="https://www.crunchbase.com/funding_round/anthropic-series-b--cbef655b" rel="noopener noreferrer nofollow"> raised</a> $580 million in a Series B round from SBF and others.&nbsp;
<h3 id="span-style-font-weight-400-alameda-holds-13-56-of-anthropic-span">Alameda Holds 13.56% of Anthropic</h3>
Alameda Research holds around 13.56% of Anthropic after its Series B funding closed in April 2022. The AI firm also issued additional securities in later funding rounds, which diluted the trading firm’s participation to 7.84% as of January.&nbsp;
Notably, the AI firm is currently valued at $18 billion, which brings the total value of shares held by the FTX estate to $1.4 billion. The shares can be sold via two means: an auction or a private sale. Interestingly, the lawyers redacted the price they sought for the shares, stating:
“The public disclosure of the Reference Price could be detrimental to the Debtors’ goal of obtaining higher and better offers for the Anthropic Shares.”
<h2 id="span-style-font-weight-400-ftx-wants-to-shorten-the-review-timeline-span">FTX Wants to Shorten the Review Timeline</h2>
FTX,<a href="https://thecoinrise.com/acting-ceo-of-ftx-believes-ftx-can-be-revived/" rel="noopener noreferrer nofollow"> under its new CEO John Ray III</a>, has filed a motion asking a judge to approve the sale of the bankruptcy firm’s stake in Anthropic while filing another motion to shorten the deliberation period for the sale motion so that it can be heard at the bankruptcy court’s next hearing on February 22.
“The flexibility to adjust the sale timeline will help facilitate such cooperation, including by allowing the Debtors to capture excess demand for Anthropic’s equity securities channeled from any of Anthropic’s financing rounds. Further, given the significant number and value of Anthropic Shares held by the Debtors, the flexibility to sell portions of Anthropic Shares at different times will help the Debtors monetize their interest,” the filing read.
<h3 id="span-style-font-weight-400-trial-of-sbf-span">Trial of SBF</h3>
Bankman-Fried faces more than a hundred years behind bars after being<a href="https://thecoinrise.com/sam-bankman-fried-found-guilty-of-seven-fraud-charges/" rel="noopener noreferrer nofollow"> found guilty by the jury of seven charges</a>. While government prosecutors are permitted to recommend a sentence for Bankman-Fried, only the federal judge has the final say.&nbsp;
The post <a href="https://thecoinrise.com/ftx-set-to-drop-8-stake-in-ai-firm-anthropic-filing/" rel="noopener noreferrer nofollow">FTX Set to Drop 8% Stake in AI Firm Anthropic: Filing</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

FTX Set to Drop 8% Stake in AI Firm Anthropic: Filing

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