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FTX to Sell Shares in AI Firm Anthropic for $884 Million Amid SBF's Fraud Sentence

FTX's bankruptcy estate divests its $884 million stake in Anthropic as part of recovery efforts, while its founder, Sam Bankman-Fried, awaits a potential 40-50 year prison sentence for fraud. The sale marks a major step in addressing the fallout from FTX's collapse.

Image Source: Reuters
  • The FTX bankruptcy estate has arranged to sell most of its stake in AI startup Anthropic for $884 million, in a bid to compensate those affected by the exchange's collapse.
  • ATIC Third International Investment Company is the primary purchaser, according to court documents.
  • Beyond Anthropic, FTX has liquidated other holdings, including LedgerX for $50 million and $3.4 billion in assets like Solana, Ethereum, and Bitcoin.

Led by Sam Bankman-Fried (SBF), FTX has experienced one of the worst collapses in the crypto world. The former CEO, previously celebrated as a cryptocurrency icon and a billionaire prodigy, has since been found guilty of fraud. SBF is set to be sentenced to prison on Thursday and prosecutors are aiming for SBF to face 40 to 50 years in prison.

In a significant step towards compensating individuals and businesses impacted by the devastating downfall of FTX, the bankruptcy estate of FTX has struck an agreement to divest the bulk of its holdings in the artificial intelligence startup Anthropic. This deal involves selling to two dozen institutional investors, thereby generating $884 million.

Recent court documents reveal that the primary purchaser is ATIC Third International Investment Company, a technology investment firm fully owned by Mubadala, the sovereign wealth fund of the Abu Dhabi government. ATIC has agreed to acquiring 16,664,167 shares of Anthropic from FTX for a sum of $500 million.

List of Entities Buying FTX's Anthropic Shares

In 2021, FTX and Alameda acquired an 8% stake in Anthropic for $500 million. The value of these shares surged following the AI boom, driven by the rising popularity of ChatGPT, doubling by February when a New York bankruptcy judge authorized the estate to sell them.

FTX has also divested other assets, such as the derivatives trading platform LedgerX for $50 million, a significant markdown from the $300 million the crypto exchange originally spent in 2021. Additionally, assets in Solana, Ethereum, and Bitcoin worth $3.4 billion were sold off.

Edited by Harshajit Sarmah