FTX sells majority stake in Anthropic, with Abu Dhabi sovereign wealth fund as the largest buyer.

According to a report by Bloomberg, the bankrupt cryptocurrency exchange FTX is selling 8% of its stake in the artificial intelligence startup Anthropic, with about two-thirds of the stake valued at up to $884 million, which will significantly increase cash reserves to repay creditors. The largest buyer is ATIC, a sovereign wealth fund based in Abu Dhabi.

Abu Dhabi Sovereign Investment Fund is the Largest Buyer

According to court documents filed on Friday, the largest buyer is ATIC Third International Investment Company LLC, a wholly-owned subsidiary of Mubadala, established and owned by the Abu Dhabi government, which will purchase nearly $500 million in shares of FTX.

Other buyers include Jane Street, certain funds managed by Fidelity Management and Research, and venture capital firm HOF Capital, among others.

FTX "Full Compensation" Hopeful

According to previous reports, FTX founder SBF invested $580 million in Anthropic in 2021, owning 8% of the shares. Based on Anthropic's latest valuation of $18 billion in December 2023, the sale value of Anthropic shares could be as high as $1.4 billion, providing a glimmer of hope for FTX creditors and customers.

However, in the bankruptcy case, while users have been promised full compensation by the bankruptcy team, the proposed liquidation price by the court and preferred creditors is based on the price at the time of bankruptcy, resulting in a significant disparity in the cash compensation payment price compared to market price. Additionally, users holding FTT will not be compensated. The confirmation that FTX will not restart further extinguishes hope for FTT holders.

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