FTX Petitions to Dump 8% Stake in OpenAI Rival Anthropic 

FTX eyes over $1 billion in liquidity to pay back its customers.

Dario Amodei words are setting FTT tokens on fire.
Created by Kornelija Poderskytė from DailyCoin
  • FTX is seeking court approval to sell its entire stake in an AI startup. 
  • The stake is one of its most valuable assets yet. 
  • With court approval, FTX will be closer to fully repaying its customers. 

FTX, under its new leadership, is actively pursuing avenues to generate funds amid regulatory and creditor pressures for reimbursements. From seeking refunds on past deals to offloading their investments, the defunct exchange is determined to pay back its customers, especially now that it has abandoned plans to revive its platform.

As over 9 million claimants await repayment, FTX wants to sell one of its most valuable assets yet. 

FTX Requests to Sell $1.4 Billion Stake

FTX is pursuing court approval to sell its entire stake in AI startup Anthropic. The defunct crypto exchange has formally submitted a motion to the bankruptcy court, seeking authorization to sell  Anthropic Series B Preferred Stock, including rights or interests, owned by its sister company, Alameda Research.

FTX’s former CEO, Sam Bankman-Fried, had invested over $500 million in Anthropic between October 2021 and April 2022, months before his empire collapsed in November 2022. Recent revelations during SBF’s legal trial unveiled that the capital injected into the AI startup originated from customer deposits on FTX.

FTX court submission to sell anthropic stake.
FTX Court Filing. Source: Bankruptcy Court For the District of Delaware.

Following the Series B funding closure in April 2022, Alameda initially held approximately 13.56% of Anthropic. However, subsequent funding rounds diluted Alameda’s stake, reducing it to 7.84% as of January.

At press time, Anthropic stands at $18 billion, translating FTX’s stake in the company to approximately $1.4 billion. According to court filings, the exchange is looking to expedite the review process for its sale motion, targeting a resolution in the bankruptcy court’s upcoming meeting on February 22. 

The decision to divest from Anthropic aligns with FTX’s broader initiative to recover funds, emphasizing its commitment to fully compensating its customers.

On the Flipside

  • FTX filed a similar motion on February 1 to sell a $175 million claim against bankrupt digital financial services firm Genesis Global Capital.
  • FTX will value claimants’ digital assets in cash at November 2022 rates. This means the exchange will pay users $16,000 for 1 Bitcoin instead of the $43,000. 

Why This Matters

The long-awaited FTX reimbursement appears to be on the horizon. Should the court greenlight the exchange’s motion, it will have over $1 billion in liquidity to pay back its creditors, who have patiently waited over a year to become whole again.

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Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.