FTX is currently navigating bankruptcy proceedings. After selling a big portion of its crypto holdings, the company has formally requested court approval to divest its stake in an AI startup.

According to a recent court filing, the firm sought approval to sell Alameda Research’s equity holdings in Anthropic Series B Preferred Stock.

Alameda to Sell Stake in Anthropic

FTX holdings of Anthropic shares initially stood at 13.8% due to a $500 million investment by Sam Bankman-Fried made in May 2021. Nonetheless, Anthropic issued new securities, which reduced Alameda Research’s stake to 7.84%.

“The Debtors (FTX) submit that establishing the Sale Procedures and conducting and consummating sales of the Anthropic Shares in accordance with the proposed Sale Procedures, will maximize the value of the Debtors’ estates for the benefit of all stakeholders,” FTX lawyers wrote.

The current valuation of FTX’s Anthropic equity has surged from the original $500 million investment to an estimated $1.4 billion. This reflects the AI startup’s impressive growth in valuation. It is worth noting that Anthropic is currently one of the main rivals of OpenAI.

This is not the first time FTX has floated the idea of selling its Anthropic shares. The firm had suspended a planned sale of its stake in the company in June 2023 for undisclosed reasons. However, the current move appears to align with its broader asset liquidation strategy to meet client obligations.

Read more: Who Is Sam Bankman-Fried (SBF), the Infamous FTX Co-Founder?

FTX is ready to collaborate with Anthropic to facilitate the sale and is also exploring various sales methods, including auctions or private negotiations. In addition, FTX seeks a streamlined deliberation p

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Author: Oluwapelumi Adejumo

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