Embattled crypto exchange FTX has indicated its intention to sell off its complete share in artificial intelligence pioneer Anthropic. The proposed sale, announced in court documents dated February 3, would release an estimated $1.4 billion in capital.
Based on documents submitted to the United States Bankruptcy Court for the District of Delaware, FTX is hoping to liquidate all its Anthropic Series B preferred stock, including any associated rights. This stock is owned in part by FTX’s affiliated business, Alameda Research.
Ex-CEO of FTX, Sam Bankman-Fried, funnelled $530 into Anthropic venture in April 2022, a mere seven months before the financial crash. The funds Bankman-Fried invested into the fresh AI venture came directly from customers’ deposits with FTX. This information became public knowledge during Bankman-Fried’s legal disputes and court trials in October 2023.
Alameda, at the close of the Series B funding round back in April 2022, possessed around 13.56% of Anthropic. But as Anthropic pushed forward with new funding rounds, Alameda’s stake was gradually diluted to its current level of 7.84%. As of December 2023, Anthropic was valued at a staggering $18 billion, putting the worth of Alameda’s stake at roughly $1.4 billion.
Having outlined their desire to expedite the sale review process, FTX is pushing for a decision in the court’s upcoming meeting on February 22. FTX’s legal representative, Andy Dietderich, emphasized the urgency in a recent court appearance, suggesting FTX is in a position to fully compensate its users and investors, and dismissing ideas to revive the fallen exchange.
This follows FTX’s comparable motion on February 1, seeking to liquidate its $175 million claim against the now-solvent financial services giant Genesis Global Capital.