Court filings on Thursday revealed that the FTX bankruptcy estate has received authorization to proceed with the sale of its shares in artificial intelligence (AI) startup Anthropic.
Court Approves FTX's Sale of Nearly 8% Stake in Artificial Intelligence Startup Anthropic
The request for the sale of approximately 7.84% of Anthropic's shares, held by FTX as of January 2024, was first submitted at the beginning of February.
This decision comes after an earlier attempt to sell the stake in June 2023 was temporarily halted following months of due diligence by bidders.
FTX and its subsidiary Alameda previously made a significant investment of $500 million in Anthropic in 2021.
Given the significant growth in Anthropic's valuation, the estimated value of the stock could reach around $1 billion as the startup's valuation rises to $15 billion.
Approval of the sale of FTX's stake in Anthropic marks an important step for the FTX bankruptcy estate, particularly in its efforts to resolve its financial obligations and repay its customers.
In January 2024, the FTX company expressed its intention to refund its customers, underlining its commitment to financial transparency and accountability in the ongoing legal process.
Meanwhile, the impending conviction of FTX's former CEO Sam Bankman-Fried adds another complication to the situation.
Bankman-Fried was found guilty of fraud charges last year and his sentencing, scheduled for next month, is expected to spark debate over the length of his prison sentence.
*This is not investment advice.