FTX sells all shares of Anthropic, bringing in $1.3 billion

According to court documents filed on 5/31, bankrupt cryptocurrency exchange FTX has sold its remaining stake in the artificial intelligence startup Anthropic for $450 million.

Anthropic Sells All Shares, Raising $1.3 Billion

FTX sold the remaining 15 million shares at a price of around $30 per share, raising over $450 million. This brings FTX's total investment in the company to about $1.3 billion from the initial $500 million, with a profit of approximately $800 million. The second sale price per share was the same as the first sale in March.

FTX Sells Majority Stake in Anthropic, Abu Dhabi Sovereign Wealth Fund as the Largest Buyer

In this round, the largest buyer, global venture capital fund G Squared, purchased approximately 4.5 million shares for $135 million. Venture capital funds dominated among the other 20 buyers.

Legal and Administrative Costs Exceed $500 Million

According to a report by The Block, with bankruptcy costs continuing to rise, FTX's legal and administrative costs have exceeded $500 million, including:

• Special advisor Sullivan and Cromwell: $254 million
• Financial advisor Alvarez and Marsel: $133 million
• FTX CEO John Ray III: $5.6 million in fees calculated at $1,300 per hour

FTX creditors have complained that the main law firm responsible for FTX's bankruptcy, Sullivan and Cromwell, was also one of the law firms representing FTX before the bankruptcy, leading to potential conflicts of interest prompting the appointment of an independent examiner and class-action lawsuits.

According to the restructuring plan submitted to the Delaware Bankruptcy Court by the FTX bankruptcy reorganization team on 5/7, 98% of FTX creditors will receive 118% of their allowed claim amount within 60 days after the plan takes effect.

FTX also has 9% interest available, and creditors with claims under $50,000 will receive 118% of their claim amount within 60 days.