FTX Liquidates Remaining Anthropic Shares Amid Bankruptcy Proceedings
- The exchange invested $500 million in the promising AI startup right from the start.
- The move was granted within a few weeks by the U.S Bankruptcy Court.
The FTX Exchanges investment in the artificial intelligence (AI) startup Anthropic has been dissolved as of June 1. The most recent bankruptcy filing by Anthropic indicates that the FTX Estate, headed by John Ray III, has sold off its remaining interest in the company.
Around 15 billion Anthropic shares, valued at about $30 each, remained in FTXs inventory prior to this. The entire amount of money made is $450 million. Note that the price per share stayed unchanged from the first sale in March to this second sale.
Optimal for Paying Off Creditors
The exchange invested $500 million in the promising AI startup right from the start. Nevertheless, FTX estate amassed a fortune of up to $1.3 billion thanks to its string of transactions, which includes this one. As a result, the company has made almost $800 million from its Anthropic investment.
Notably, the troubled company was compelled to contemplate selling its Anthropic investment due to the current FTX bankruptcy case. The operations expenses, including legal and administrative fees, were mounting into the millions.
Furthermore, the promised reimbursement to the impacted creditors of the FTX collapse had not yet materialized. In light of these considerations, the company had no choice but to approach the bankruptcy court for permission to sell its interest.
In FTXs opinion, the Anthropic stake liquidation procedure was optimal for paying off creditors and protecting all parties involved. The move was granted within a few weeks by the US District Court for the District of Delawares Supreme Bankruptcy Court.
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Read more: https://thenewscrypto.com/ftx-liquidates-remaining-anthropic-shares-amid-bankruptcy-proceedings/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
