2024

Jane

<p>Anthropic’s IPO filing has brought renewed attention to FTX’s $1.3 billion sale of its investment in the AI company, as an undiluted calculation puts the former stake above $100 billion.</p>
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 <div class="cn-block-summary__nav tabs"><span>Summary</span>
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   <li>Anthropic has filed for a Nasdaq listing, with its offering price and share count still undetermined.</li>
   <li>Applying FTX’s former 7.84% stake to a hypothetical $1.5 trillion valuation produces $117.6 billion before subsequent dilution.</li>
   <li>Buyers of the estate’s shares included an Abu Dhabi investment company, Jane Street, Fidelity-managed funds and G Squared.</li>
   <li>Customer repayments follow allowed bankruptcy claims, with values tied to FTX’s November 2022 collapse.</li>
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<p>Anthropic <a href="https://www.anthropic.com/news/s1-sec" rel="noopener noreferrer nofollow">announced</a> on Oct. 26 that it had filed an S-1 registration statement with the U.S. Securities and Exchange Commission, preparing to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT.</p>
<p>The company said the number of shares offered and the price range had not been determined. Its announcement described a proposed offering, with the registration statement not yet effective.</p>
<p>In the announcement, Anthropic identified Goldman Sachs and Morgan Stanley as contacts for obtaining the preliminary prospectus when available, and said the offering would be made only through a prospectus.</p>
<p>You might also like: <a href="https://crypto.news/netflix-releases-ftx-series-trailer-ahead-nov-19-debut/" rel="noopener noreferrer nofollow"> Netflix releases FTX series trailer ahead of Nov. 19 debut </a></p>
<h2 class="wp-block-heading" id="anthropic-s-reported-valuation-puts-the-old-stake-above-100b-before-dilution">Anthropic’s reported valuation puts the old stake above $100B before dilution</h2>
<p>The Wall Street Journal has <a href="https://www.wsj.com/tech/anthropic-unveils-paperwork-for-blockbuster-ipo-291a684b" rel="noopener noreferrer nofollow">reported</a> a potential $1.5 trillion to $2 trillion IPO valuation. Against that range, the $500 million investment made by Sam Bankman-Fried’s FTX group has drawn fresh comparisons with the approximately $1.3 billion the bankruptcy estate received from selling its holding in 2024.</p>
<p>Applying FTX’s former 7.84% ownership percentage to the lower end of the reported valuation range produces $117.6 billion. At $2 trillion, the same calculation gives $156.8 billion, assuming the ownership percentage remained unchanged.</p>
<p>Both calculations hold the historical stake constant through later fundraising. They are hypothetical undiluted estimates, not a confirmed current valuation of the specific shares sold by the estate.</p>
<p>Before the sale, FTX’s holding had already been diluted by Anthropic’s fundraising, according to February 2024 coverage of the estate’s application. The ownership percentage stood at 7.84% when the bankruptcy court approved the disposal.</p>
<p>Further financing followed after the estate exited. Anthropic <a href="https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation" rel="noopener noreferrer nofollow">announced</a> a $30 billion Series G round in February 2026 at a $380 billion post-money valuation, led by GIC and Coatue.</p>
<p>In May, the Claude developer <a href="https://www.anthropic.com/news/series-h" rel="noopener noreferrer nofollow">raised</a> $65 billion at a $965 billion post-money valuation. Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led that round, which included $15 billion in previously committed investments from hyperscalers.</p>
<p>Anthropic named Jane Street and Fidelity Management &amp; Research Company among investors in the May financing. Both firms had appeared among the buyers of FTX’s shares two years earlier.</p>
<h2 class="wp-block-heading" id="ftx-sold-its-shares-through-two-transactions-in-2024">FTX sold its shares through two transactions in 2024</h2>
<p>U.S. Bankruptcy Judge John Dorsey authorized the estate to <a href="https://crypto.news/ftx-receives-go-ahead-to-sell-its-stake-in-ai-startup-anthropic/" rel="noopener noreferrer nofollow">sell its Anthropic investment</a> in February 2024, as previously reported by crypto.news. Customers initially opposed the sale, arguing that the investment had been funded with misappropriated customer money.</p>
<p>The objecting customers subsequently agreed the transaction could proceed while preserving their ability to argue over ownership of the proceeds, according to the February report.</p>
<p>By March 2024, the estate had arranged to <a href="https://crypto.news/ftx-sale-anthropic-abu-dhabi/" rel="noopener noreferrer nofollow">sell roughly two-thirds</a> of the holding for $884 million. ATIC Third International Investment Company, linked to Abu Dhabi sovereign investor Mubadala, was the largest buyer, agreeing to purchase nearly $500 million worth.</p>
<p>Jane Street, funds managed by Fidelity and HOF Capital, were among the other purchasers identified in the transaction. Contemporary reporting put the first disposal at approximately 29.5 million shares sold to 24 buyers.</p>
<p>The remaining 15 million shares were sold at approximately $30 apiece, generating more than $450 million, according to reporting on the bankruptcy filings. G Squared bought 4.5 million shares for $135 million in that second transaction.</p>
<p>Across both sales, the estate received roughly $800 million more than the original $500 million investment, before accounting for any associated costs.</p>
<h2 class="wp-block-heading" id="creditor-payments-follow-dollar-claims-from-the-bankruptcy">Creditor payments follow dollar claims from the bankruptcy</h2>
<p>FTX’s confirmed bankruptcy plan bases customer recoveries on dollar claims tied to the exchange’s November 2022 collapse. Reuters <a href="https://www.reuters.com/legal/crypto-exchange-ftxs-liquidation-plan-receives-court-approval-2024-10-07/" rel="noopener noreferrer nofollow">reported</a> in October 2024 that some customers objected because the repayment calculations did not capture subsequent cryptocurrency gains.</p>
<p>At confirmation, the estate projected $14.7 billion to $16.5 billion in property available for distribution. Its <a href="https://www.prnewswire.com/news-releases/ftx-receives-us-bankruptcy-court-confirmation-of-its-plan-of-reorganization-302269152.html" rel="noopener noreferrer nofollow">announcement</a> said 98% of creditors by number would receive approximately 119% of their allowed claims, subject to distribution requirements.</p>
<p>Later, FTX announced a <a href="https://crypto.news/ftx-announces-5b-second-distribution-to-eligible-creditors/" rel="noopener noreferrer nofollow">second creditor distribution</a> exceeding $5 billion, scheduled for May 30, 2025. The payment covered eligible holders in both Convenience and Non-Convenience Classes who had completed the required procedures.</p>
<p>The announced distribution rates differed by class. Dotcom customer entitlement claims were assigned 72%, U.S. customer entitlement claims 54%, and general unsecured and digital asset loan claims 61%. Convenience claims were scheduled to receive 120%.</p>
<h2 class="wp-block-heading" id="former-executives-held-separate-anthropic-investments">Former executives held separate Anthropic investments</h2>
<p>Separate from the estate’s investment, former Alameda Research chief executive Caroline Ellison and former FTX engineering director Nishad Singh personally invested a combined $50 million in Anthropic’s 2022 Series B financing.</p>
<p>September reporting on their <a href="https://crypto.news/anthropic-shares-seized-from-ftx-executives-sold/" rel="noopener noreferrer nofollow">forfeited Anthropic holdings</a> described Singh’s contribution as $40 million and Ellison’s as $10 million. Federal proceedings transferred their ownership interests to the U.S. government during 2025.</p>
<p>Business Insider reported that the U.S. Marshals Service sold those holdings to existing Anthropic investors in 2025, citing a person familiar with the transaction.</p>
<p>Ellison’s forfeiture order was finalized in February 2025 and identified Series B preferred shares acquired through a $10 million Simple Agreement for Future Equity purchased in March 2022. Singh’s shares were covered by a separate final forfeiture order in April 2025.</p>
<p>Read more: <a href="https://crypto.news/midnight-mainnet-one-million-transactions/" rel="noopener noreferrer nofollow"> Midnight passes 1 million transactions as daily activity climbs </a></p>

FTX’s $1.3B Anthropic sale returns to focus as IPO looms

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