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<p>A U.S. court has greenlit the sale of FTX’s investment in Anthropic, a growing artificial intelligence startup. This decision marks a crucial step in FTX’s ongoing efforts to liquidate assets and repay creditors following its 2022 bankruptcy.</p>
<h2 class="wp-block-heading" id="court-approval-fuels-hope-for-creditors">Court approval fuels hope for creditors</h2>
<p>Under Judge John Dorsey, the U.S. Bankruptcy Court of Wilmington, Delaware, <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzA3MjE0NA==&amp;id2=-1" rel="noopener noreferrer nofollow" target="_blank">approved</a> the sale on Thursday, following a compromise with a group of FTX customers who had initially opposed the move. FTX’s investment in Anthropic, amounting to $500 million in 2021, represents approximately a 7.8% stake in the company. This stake has significantly appreciated, especially in light of recent investments by tech giants Amazon and Google, who have pledged up to $6 billion in the AI firm.</p>
<p>Anthropic, which has been at the forefront of AI and large language model advancements, caught the eye of Amazon and Google with their respective $4 billion and $2 billion investments last year. FTX’s decision to sell its shares comes when the AI sector is experiencing a surge in interest and investment, potentially maximizing returns for the beleaguered exchange’s creditors.</p>
<h2 class="wp-block-heading" id="a-strategy-to-maximize-asset-value">A strategy to maximize asset value</h2>
<p>The approval to proceed with the sale allows FTX to time the divestiture for optimal returns strategically. With Anthropic’s valuation potentially soaring to $18.4 billion in light of its ongoing fundraising efforts, FTX’s stake could contribute over $1 billion to its bankruptcy estate. This influx is part of a broader asset liquidation strategy by FTX, under the management of John J. Ray III, which includes the sale of other key holdings and settlements to recover value for creditors.</p>
<p>FTX’s legal representation highlighted a cash reserve of $6.4 billion, an increase from the initial $5 billion located earlier in the bankruptcy process. This reserve is bolstered by the recent dismissal of a lawsuit to reclaim $323.5 million from the original owners of FTX’s European unit, alongside agreements for asset buybacks and other asset sales, including Digital Custody and LedgerX.</p>

FTX gains court approval to sell stake in AI startup Anthropic

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