2024

FTX Derivatives Exchange has been cleared by a Delaware Bankruptcy Court presided over by Judge John Dorsey to offload over $1 billion worth of its shares in Anthropic, an artificial intelligence enterprise. This order comes after FTX resolved objections from specific customers during a hearing on February 22.
According to<a href="https://finance.yahoo.com/news/ftx-cash-pile-6-4-214514411.html" rel="noopener noreferrer nofollow"> a Yahoo Finance report</a>, FTX could be potentially adding more than $1 billion to the defunct company’s $6.4 billion cash pile.
The process which was initially stalled by paper works can now proceed as court filings revealed that the FTX bankruptcy estate has authorization to proceed with the sale of its stake in the artificial intelligence (AI) startup Anthropic.
<h2 id="b-ftx-overcomes-objections-and-procedural-hurdles-b">FTX Overcomes Objections and Procedural Hurdles</h2>
The proposal to sell around 7.84% of Anthropic’s shares, which are owned by FTX, was<a href="https://thecoinrise.com/ftx-set-to-drop-8-stake-in-ai-firm-anthropic-filing/" rel="noopener noreferrer nofollow"> first submitted in early February 2024.</a> This move follows a previous endeavor to sell the shares in June 2023, which was paused as a result of extensive due diligence conducted by prospective buyers.
FTX and its affiliated firm Alameda Research had jointly invested $500 million in Anthropic back in 2021. With Anthropic’s valuation skyrocketing to $15 billion, the stake held by FTX is estimated to be valued at around $1 billion, reflecting a significant increase in value since the initial investment.
<h2 id="b-ftx-commits-to-reimbursing-clients-b">FTX Commits to Reimbursing Clients</h2>
The FTX estate declared its commitment in January 2024 to fully reimburse its clients, signaling progress in addressing the financial responsibilities arising from the bankruptcy. Nevertheless, the imminent sentencing of Sam Bankman-Fried, FTX’s former boss, casts a shadow over the proceedings.
FTX had recently opted to offload Digital Custody Inc. (DCI), a subsidiary purchased by the company for $10 million during the period <a href="https://thecoinrise.com/ftx-to-sell-10m-subsidiary-for-a-meager-500k/" rel="noopener noreferrer nofollow">spanning 2021 to 2022, for a mere $500,000</a>.
<h2 id="b-bankman-fried-and-ftx-b">Bankman-Fried and FTX</h2>
Bankman-Fried was found guilty of fraud last year, and his sentencing, scheduled for March is anticipated to be contentious. The duration of his prison sentence is expected to be fiercely challenged, adding another layer of complexity to the ongoing developments<a href="https://thecoinrise.com/sbf-says-he-believes-ftx-could-be-saved-during-his-trial/" rel="noopener noreferrer nofollow"> surrounding FTX and its associated entities.</a>
As the FTX bankruptcy estate moves forward with the sale of its stake in Anthropic, stakeholders closely monitor the proceedings, mindful of the broader implications for the cryptocurrency and AI industries.
The post <a href="https://thecoinrise.com/ftx-cleared-to-offload-over-1b-stake-in-ai-startup-anthropic/" rel="noopener noreferrer nofollow">FTX Cleared to Offload Over $1B Stake in AI Startup Anthropic</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

FTX Cleared to Offload Over $1B Stake in AI Startup Anthropic

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