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Bankrupt crypto exchange FTX will sell two-thirds of its stake in artificial intelligence (AI) startup Anthropic for $884 million, according to a Bloomberg <a href="https://news.bloomberglaw.com/ip-law/ftx-to-sell-majority-of-anthropic-stake-for-884-million" target="_blank" rel="noopener nofollow">report</a>. The move comes as FTX seeks to repay its creditors and bolster its cash reserves.&nbsp; 
The sale involves various buyers, including ATIC Third International Investment Company LLC, associated with the United Arab Emirates (UAE) <a href="https://bitcoinist.com/uaes-address-unauthorized-digital-asset-usage/" target="_blank" rel="noopener ">sovereign wealth fund</a> Mubadala, Jane Street, Fidelity Management and Research, and venture capital firm HOF Capital. 
<h2 id="ftx-approved-to-sell-ownership">FTX Approved To Sell Ownership</h2> 
In 2021, FTX invested $500 million in Anthropic, a year before facing bankruptcy amidst allegations of fraud. Anthropic, known for its AI research work, attracted significant investments from tech giants <a href="https://bitcoinist.com/amazon-will-invest-4-billion-ftx-backed-ai-startup/" target="_blank" rel="noopener ">Amazon </a>and Alphabet Inc.’s Google in 2023, valuing the startup at up to $6 billion. 
The FTX bankruptcy estate currently owns an 8% stake in Anthropic, making it one of the estate’s most valuable assets. As of last month, the estate’s cash reserves were valued at approximately $6.4 billion.&nbsp; 
FTX officials have expressed confidence in repaying all of the company’s <a href="https://bitcoinist.com/sam-bankman-fried-prosecutors-slams-questions-jury/" target="_blank" rel="noopener ">creditors</a>, and the sale of the Anthropic stake is expected to significantly contribute to that effort. 
As previously <a href="https://bitcoinist.com/ftx-creditors-1-billion-crypto/" target="_blank" rel="noopener ">reported </a>by Bitcoinist, US bankruptcy Judge John Dorsey approved the decision to sell the Anthropic shares in February. Initially, FTX’s creditors had reservations about the sale, asserting that FTX had acquired the shares using customer funds.&nbsp; 
However, FTX’s promise to use the sale proceeds to repay its creditors convinced them to approve the proposal. The condition for approval was that the sale proceeds be used to repay the creditors. 
<h2 id="anthropic-undergoes-ownership-change">Anthropic Undergoes Ownership Change</h2> 
According to Bloomberg, the sale of the majority stake in Anthropic will allow FTX to generate substantial funds, which will be crucial in addressing its financial obligations.&nbsp; 
For Anthropic, the sale represents a change in ownership but does not diminish its position as a key artificial intelligence startup. The company’s previous investments from Amazon and Alphabet Inc.’s Google have bolstered its position in the rapidly growing field. 
Following the sale of the majority of the exchange’s <a href="https://bitcoinist.com/former-ftx-executives-platform-secures-60-million/" target="_blank" rel="noopener ">shares </a>in the startup, which company will have the majority of ownership in Antrophic remains to be seen.&nbsp; 
FTX’s decision to sell its majority stake in Anthropic for $884 million is an important step in the bankruptcy reorganization process. By selling its stake, FTX aims to fully repay its creditors and strengthen its financial position. The sale also demonstrates the increased interest in <a href="https://bitcoinist.com/worldcoin-up-46-in-wake-of-altman-board-reunion/" target="_blank" rel="noopener ">AI-related startups</a> that has significantly increased the exchange’s initial $500 million investment.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/kAtuBUuU/" alt="FTX" width="1815" height="858"> 
As of the current update, the native token of the exchange, FTT, is trading at $2.22, showing a 9% rebound in the last 24 hours. This follows its notable year-to-date surge of 74%.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com

FTX Set To Cash In $884 Million From Majority Stake Sale In Anthropic

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