FTX’s 8% Stake in Anthropic Up for Sale

FTX, a bankrupt cryptocurrency exchange, has requested court approval to sell its entire ownership in the artificial intelligence company Anthropic, as stated in court documents filed on February 3rd. The motion was submitted to the United States Bankruptcy Court for the District of Delaware by FTX, with the aim of selling Anthropic Series B Preferred Stock, along with any rights or interests connected to it, which are owned by FTX’s sister company, Alameda Research. Anthropic was initially invested in by FTX’s former CEO, Sam Bankman-Fried, with $530 in April 2022, just seven months before FTX collapsed in November of the same year. It was revealed during Bankman-Fried’s trial in October 2023 that the investment came from funds deposited by customers on FTX.

After the completion of Anthropic’s Series B funding round in April 2022, Alameda held approximately 13.56% of the company. As Anthropic issued more securities in subsequent funding rounds, Alameda’s stake was diluted to 7.84% by January. By December, Anthropic was valued at $18 billion, meaning Alameda’s stake in the company was approximately $1.4 billion. FTX is now looking to expedite the review process for its motion to sell, aiming for a resolution during the bankruptcy court’s meeting on February 22nd. FTX believes that having the flexibility to adjust the sale timeline will enable them to capture any excess demand for Anthropic’s equity securities from future financing rounds. Selling portions of Anthropic shares at different times will help FTX monetize their interest in the company due to the significant number and value of the shares they hold.

The divestment from Anthropic forms part of FTX’s efforts under new management to recuperate funds and fully repay their customers. FTX’s legal representative, Andy Dietderich, stated during a recent court hearing that the exchange has the potential to reimburse its users and creditors in full, therefore rejecting plans to restart the exchange. On February 1st, FTX also filed a similar motion to sell a $175 million claim against the bankrupt digital financial services firm Genesis Global Capital.