A U.S. bankruptcy judge has granted approval for FTX, a cryptocurrency exchange, to proceed with the sale of its ownership in the AI startup Anthropic. This decision, made during a hearing on Thursday, aims to facilitate the repayment process for the creditors of the defunct exchange.
Judge John Dorsey, presiding over the Bankruptcy Court for the District of Delaware, sanctioned the sale following a discussion involving creditors regarding the necessity of approving the sale procedure.
FTX had previously sought authorization to divest its nearly 8% stake in Anthropic, a company that received a $500 million investment from FTX’s former CEO, Sam Bankman-Fried, in 2021.
During the hearing, objections were raised by David Adler, representing some of FTX’s creditors, regarding the protection of their rights. This concern was addressed by adjusting the order to include specific language safeguarding the creditors’ interests.
Andrew Dietderich, an attorney representing FTX, stated, “We’re selling the Anthropic shares as we are selling everything and putting the money in the bank.” He emphasized the equal treatment of all assets, including the proceeds from the sale of Anthropic, in the estate’s accounts.
Ultimately, Judge Dorsey deemed the proposed order to be “appropriate.”
Significance of Anthropic’s Value
As of December 2023, Anthropic was valued at up to \(18 billion, indicating that FTX’s stake could be valued at approximately \)1.4 billion. This valuation of Anthropic’s shares offers hope to those affected by the FTX collapse, with FTX expressing confidence in having adequate funds to settle all customer and creditor claims entirely.
FTX had previously expressed its intent to collaborate with Anthropic in selling the shares, citing it as a prudent business decision, especially considering the fluctuating value of the shares. The exchange also moved to expedite the approval process for selling its stake in Anthropic.
FTX highlighted the volatility in the market for equities of early-stage technology firms, particularly those focused on artificial intelligence, underscoring the significant changes in the value of Anthropic’s shares since the filing date. The urgency to capitalize on favorable market conditions prompted FTX to streamline the approval process given the time constraints involved.
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