FTX to offload $1B Anthropic stake to pay off bankruptcy debts within weeks — report

Defunct cryptocurrency exchange FTX will soon offload its stake in artificial intelligence firm Anthropic worth around $1 billion as part of a deal to pay off its bankruptcy debts, according to a report from CNBC on March 22.a slate of investors to purchase the stake, per the article, with a deal expected to occur in a time period of “within a couple of weeks.

The shares are being shopped through a special purpose vehicle , according to CNBC’s sources. This is likely due to the fact that FTX is bankrupt, as SPVs are essentially separate corporate legal entities that exist to ensure a parent company can meet its legal obligations in the event of insolvency.

As Cointelegraph reported back in February, Delaware Bankruptcy Court Judge John Dorsey ruled in a Feb. 22 hearing that FTX could. At the time of the stock purchase, in April of 2022, FTX bought about $530 million in Anthropic shares. But those shares have since nearly doubled in value amid the generative AI boom and are currently estimated to be worth around $1 billion.

This news comes just under a week before FTX boss Sam Bankman-Fried’s sentencing hearing is scheduled on March 28. Bankman-Fried was found guilty on seven fraud counts in November 2023.US government asks for court approval to sell private jets tied to Sam Bankman-FriedBitcoin price retests $63K despite GBTC outflows dropping below $100M

Source: The AI Report (theaireport.net)

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