FTX Offloads Remaining Anthropic Shares In $450 Million Sale | Bitcoinist.com



The
FTX
bankruptcy
estate
has
been
involved
in
several
asset
liquidations
over
the
past
year,
as
they
seek
to

fully
reimburse
former
customers
of
the
now-defunct
exchange.
In
the
latest
development
in
the
ongoing
proceedings,
the
estate
has
sold
the
last
part
of
its
shares
in
the
artificial
intelligence
(AI)
startup
Anthropic. 


FTX
Rakes
In
$800
Million
From
Anthropic
Shares
Sale


According
to
the
latest
bankruptcy
filings,
the
FTX
estate
has
cashed
in
on
its
remaining
shares
in
Anthropic,
the
AI
company
behind
the
Claude
chatbot.
The
estate

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dumped
the
remaining
15
million
shares
at
$30
per
share,
receiving
more
than
$452
million
in
proceeds. 


The
top
buyer
in
this
sale
is
G
Squared,
a
venture
capital
fund,
which
purchased
around
one-third
(4.5
million)
of
the
remaining
shares
for
roughly
$135
million.
Other
buyers
include
Fund
FG-BLU
and
over
a
dozen
other
hedge
funds
and
investment
companies. 

List of the buyers, number of shares, and aggregate purchase price | Source: Kroll


It
is
worth
mentioning
that
the
latest
sale
comes
a
little
over
two
months
after
the
exchange
sold
the

bulk
of
their
Anthropic
shares
at
the
same
$30
apiece,
netting
about
$900
million
in
returns.
This
brings
the
total
amount
from
the
selloff
of
the
FTX
Anthropic
shares
to
about
$1.3
billion.


Originally,
the
FTX
exchange
and
its
sister
company
Alameda
paid
$500
million
for
the
8%
stake
in
Anthropic
in
2021.
However,
the
subsequent
explosion
that
rocked
the
AI
industry
caused
the
value
of
the
shares
to
skyrocket,
bringing
the
exchange’s
profits
to
over
$800
million.

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As
inferred
earlier,
the
Anthropic
shares
are
not
the
only
assets
that
have
been
sold
in
recent
months.
Most
recently,
the
liquidators
in
charge
of
FTX’s
assets
disclosed
plans
to

sell
off
real
estate
properties
the
exchange
acquired
before
bankruptcy.


FTX
Bankruptcy
Fees
Surpass
$700
Million


According
to
a
recent

report
by
a
bankruptcy
expert,
the
cost
of
FTX’s
bankruptcy
proceedings
has
exceeded
$700
million.
This
cost
includes
legal
and
administrative
fees
over
the
past
few
years
following
the
exchange’s
collapse.


The
report
shows
consulting
firm
Alvarez
&
Marsal
is
the
highest
earner
in
the
FTX
estate’s
employ,
charging
a
massive
$212
million
for
its
service.
Sullivan
and
Cromwell,
FTX’s
legal
counsel,
has
the
second-largest
bill
of
$202
million.


Another
expense
that
caught
the
eye
in
the
report
is
FTX
CEO
John
Ray’s
bill.
The
CEO
has
charged
the
estate
$5.6
million
since
the
start
of
the

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bankruptcy
case,
according
to
an
hourly
rate
of
$1,300.

The cryptocurrency total market cap at $2.467 trillion on the daily timeframe | Source: TOTAL chart on TradingView


Featured
image
from
Reuters,
chart
from
TradingView

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Author: Opeyemi Sule


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