FTX Sells Stake in AI Startup Anthropic for $884 Million

FTX’s Stake Sale

FTX, the bankrupt crypto exchange, is selling a majority stake in Anthropic, an AI startup, for $884 million. The move is part of FTX’s efforts to repay creditors and boost its cash reserves.

Anthropic’s Ownership Change

FTX initially invested $500 million in Anthropic in 2021. The startup has since attracted investments from Amazon and Google, valuing it at up to $6 billion. FTX’s bankruptcy estate currently owns an 8% stake in Anthropic.

FTX’s Financial Situation

FTX officials believe the sale will significantly contribute to repaying creditors. The exchange’s cash reserves were valued at $6.4 billion as of last month.

Approval for Sale

A US bankruptcy judge approved the sale of the Anthropic shares in February. Creditors initially had concerns, but FTX’s promise to use the proceeds to repay them convinced them to approve the proposal.

Future of Anthropic

The sale of the majority stake does not diminish Anthropic’s position as a key AI startup. Its previous investments from Amazon and Google have strengthened its position in the field.

FTX’s Reorganization

The sale of the Anthropic stake is an important step in FTX’s bankruptcy reorganization process. By selling its stake, FTX aims to repay creditors and strengthen its financial position.

FTT Token Performance

FTX’s native token, FTT, has rebounded 9% in the last 24 hours and has surged 74% year-to-date.