FTX’s bankruptcy estate has successfully brokered a deal to sell its significant stake in the artificial intelligence startup, Anthropic, to a group of two dozen institutional investors, generating a remarkable sum of $884 million. This move has resulted in a notable 10% increase in the value of FTX’s FTT token.
A Lucrative Sale Amidst Bankruptcy
The leading purchaser in this deal is ATIC Third International Investment Company, an investment arm fully owned by Abu Dhabi’s sovereign wealth fund, Mubadala. ATIC is set to acquire 16,664,167 shares of Anthropic for a hefty $500 million. This group of buyers also includes Jane Street Global Trading, alongside funds associated with Fidelity Investments and The Ford Foundation.
This transaction marks a significant milestone for the FTX estate, which had committed earlier in January to reimbursing the defunct exchange’s customers fully, based on the value of their holdings at the time of FTX’s downfall. The successful sale of the Anthropic shares is a vital step towards fulfilling this promise.
Background and Context
FTX and its sister company, Alameda, originally invested $500 million for an 8% stake in Anthropic back in 2021. However, the explosive growth of the AI sector, partly driven by the widespread popularity of ChatGPT, significantly enhanced the value of these shares. By the time permission for the sale was granted by a New York bankruptcy judge in February, the stake’s worth had more than doubled.
Contrasting Sales
The profitable divestiture of the Anthropic shares starkly contrasts with the fire sale of other FTX assets in the past. For instance, the sale of LedgerX last year brought in only $50 million, despite FTX’s U.S. division having invested $298 million in the firm in 2021.
This strategic sale not only highlights the potential rebound of FTX’s financial situation but also underscores the burgeoning interest and value in AI startups, as institutional investors are willing to invest substantial amounts in companies like Anthropic.
