FTX plans to quickly sell $1.4 billion worth of AI diamond stock Anthropic

FTX is in the process of selling an 8% stake in the high-performing AI startup Anthropic. Anthropic is known for its innovation in artificial intelligence and has become a hope for FTX creditors after FTX founder Sam Bankman-Fried injected up to $500 million into the startup in October 2021.

The AI startup Anthropic, invested in by SBF, has seen its valuation increase fivefold, giving FTX customers the opportunity to potentially earn back more money!

FTX's Hope: Anthropic Valuation Soars

The FTX restructuring team announced that Anthropic, an AI startup previously invested in by SBF for $580 million, is set to raise funds at a valuation of $20-30 billion from Google, potentially increasing FTX's stake value to $3-4.5 billion. However, the FTX restructuring team is currently looking to expedite the process and sell off their shares in Anthropic.

FTX Restructuring Team Seeks Court Approval for Prompt Sale

FTX restructuring leader John Ray has filed a motion with the court to seek approval to accelerate the sale of their shares in Anthropic, with the aim of resolving the matter at the next bankruptcy court meeting on February 22. Stakeholders have until February 15 to raise any objections.

Strategies for Selling Anthropic

FTX's legal team has proposed two potential avenues for the sale: auction or private transaction. However, the expected selling price of the shares remains confidential. FTX's lawyers stated that publicly disclosing the asking price could undermine their strategy to secure a high-value sale. Based on Anthropic's latest valuation of $18 billion in December 2023, the sale of Anthropic shares could be valued at up to $1.4 billion, providing a glimmer of hope for FTX's creditors and clients.

The proceeds from this sale may also be sufficient to cover all outstanding customer and creditor claims, fulfilling the commitment to comprehensive compensation.

General Creditors Still Express Grievances: FTT and Liquidation Price

In the bankruptcy case, while users have been promised full compensation by the bankruptcy team, the proposed liquidation price based on the bankruptcy time value, compared to the market price for cash compensation, presents a significant gap. Additionally, users holding FTT will not receive compensation. Coupled with the confirmation that FTX will not restart, this dashes the hopes of FTT holders.

FTX creditors received a letter from Kroll? Summary of claim conversion prices: BTC 16K/ETH 1.2K/SOL 16/FTT not included

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