Key Takeaways
- Reportedly, the shares are being shopped through a special-purpose vehicle
- FTX, which invested $500 million in Anthropic in 2021, currently holds a 7.84% stake in the firm.
Defunct cryptocurrency exchange FTX is set to divest its approximately $1 billion stake in artificial intelligence firm Anthropic as part of a deal to settle its bankruptcy debts, CNBC reported on March 22.
Anthropic, with backing from tech giants Google and Amazon.com, is considering various sovereign wealth funds as potential buyers for FTX’s stake.
FTX, which invested $500 million in Anthropic in 2021, currently holds a 7.84% stake in the AI company, as per court documents. A U.S. judge ruled in February that the bankrupt exchange could sell its Anthropic shares to facilitate the liquidation of its assets and repay affected customers.
Delaware Bankruptcy Court Judge John Dorsey’s ruling on February 22 paved the way for FTX to proceed with the sale of its Anthropic shares. Initially valued at around $530 million when purchased in April 2022, the stake is now estimated to be worth double that amount.
As per reports, the deal is expected to materialize within a few weeks. Shares are being marketed through a special purpose vehicle (SPV), a common practice when dealing with bankrupt entities, ensuring legal separation between the parent company and its obligations.
Despite the attractiveness of Saudi Arabia’s sovereign wealth funds, CNBC’s sources noted the exclusion of the kingdom due to purported national security concerns.Â
The latest development arrives just ahead of FTX CEO Sam Bankman-Fried’s sentencing hearing scheduled for March 28. In November 2023, SBF was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
