Bankrupt cryptocurrency exchange FTX has reached an agreement with 24 buyers, including investment firms under Abu Dhabi sovereign wealth fund Mubadala, to sell two-thirds of its stake in AI startup Anthropic for $884 million to repay creditors. The transaction is still pending court approval.
Background:
FTX to fully compensate its customers! Court approves sale of AI startup Anthropic’s stake, valued at £1.4 billion.
FTX founder and former CEO SBF had invested $500 million in AI startup Anthropic in October 2021. With the surge in Anthropic’s valuation, FTX submitted a motion to the court last month seeking approval to sell approximately 8% of its stake in Anthropic. The motion was granted by the judge.
FTX plans to sell 2/3 of its stake.
According to court documents dated March 22, FTX plans to sell 29.5 million shares of Anthropic, equivalent to two-thirds of its total stake, for $884 million to 24 buyers. The largest buyer is ATIC Third International Investment, an investment firm under Abu Dhabi sovereign wealth fund Mubadala, which will invest $500 million to purchase 16.6 million shares. The second-largest buyer is Jane Street, which will invest $100 million to purchase 3.3 million shares. The third-largest buyer is a fund under Fidelity, which will invest $50 million to purchase 1.5 million shares.
FTX’s plan to sell Anthropic stake.
Jane Street’s Head of Quantitative Research, Craig Falls, also proposed purchasing shares worth approximately $20 million in his personal capacity. The buyer list also includes venture capital fund HOF Capital, the Ford Foundation, and others.
According to CNBC, several sovereign wealth funds sought to acquire FTX’s stake in Anthropic, but Saudi Arabia was explicitly excluded due to national security considerations. Saudi Arabia has invested billions of dollars in technology funds, attempting to attract talent from the United Arab Emirates and diversify its business away from the oil industry.
The transaction still requires the approval of Judge John Dorsey, who is responsible for FTX’s bankruptcy case in Delaware.
As the value of FTX’s liquidated assets increases, some members of the community have begun to expect excess compensation. After all, besides users who have stored stablecoins, if the creditors who have stored coins have suffered significant losses (e.g., BTC priced at $16,870 for compensation), they hope to provide additional compensation.
FTX promises full compensation, but victims shouldn’t be too happy yet, as it will be calculated based on BTC $16,870, ETH $1,258, SOL $16…
Meanwhile, SBF’s verdict will be announced on the 28th of this month. The U.S. prosecution has requested a sentence of 40 to 50 years for SBF. Last week, John Ray, SBF’s lawyer, refuted the claim that his client had zero losses in the 2022 collapse and pointed out that many FTX users are still dissatisfied with the valuation of the assets to be compensated because the compensation is based on the value at the time of bankruptcy, which is much lower than the current value.
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