Crypto News– The now-defunct cryptocurrency exchange FTX has made a move to offload its 8% ownership in Anthropic Holdings, an artificial intelligence company, by filing a motion seeking court approval for the sale. This step is crucial for FTX’s efforts to repay its customers and creditors following its collapse in November 2022. Led by its new CEO, John Ray III, FTX aims to maximize returns from this sizable asset by proposing methods like auctions or private sales.
FTX motioned to divest its 1.4 billion Dollars investment in Anthropic
Given Anthropic Holdings‘ significant standing in the AI sector and its valuation of up to $18 billion as of December 2023, FTX’s stake is estimated to be worth around $1.4 billion. The court hearing regarding FTX’s proposal is scheduled for Feb. 22, with the company pushing for a shortened objection period to expedite the sale process. This urgency underscores FTX’s commitment to addressing its debts and potentially fully repaying all customer and creditor claims.
FTX’s legal team has opted not to disclose the desired sale price, fearing that public knowledge might hamper the bidding process. This strategic divestiture aligns with FTX’s broader strategy to liquidate assets to meet its financial obligations arising from its operational failures. By selling off assets like its stake in Anthropic, FTX aims to generate the liquidity necessary to compensate all customers and creditors affected by its sudden demise.
Genesis assertions
FTX is actively pursuing the sale of its $175 million claim against Genesis Global Capital, which stems from FTX’s affiliated hedge fund Alameda Research. This claim forms a significant part of FTX’s efforts to liquidate its assets under optimal conditions.
The decision to sell the Genesis claim holds particular significance, given the current market dynamics where such claims against Genesis are highly valued, indicating strong demand and potentially greater recovery for FTX.
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