FTX Granted Approval to Sell Anthropic Shares

TL;DR
1.FTX seeks to sell 7.84% of Anthropic stake after valuation soar.
2.FTX court filing cites AI interest for Anthropic stake appreciation. Sale approved amid customer objections.
3.FTX to use proceeds from Anthropic sale to reimburse users, reaffirming commitment to customer interests.
4.CoinList to acquire Digital Custody Inc. from FTX for $500,000, funded by CEO Terrence Culver.

A US court has given the green light to FTX, permitting the sale of its ownership stake in Anthropic, an AI startup. The decision follows a settlement between FTX and disgruntled customers who opposed the sale, marking a pivotal step in FTX's asset liquidation process aimed at compensating customers affected by its 2022 collapse.

Anthropic Stake Sale Clears Legal Hurdle

FTX and its affiliate, Alameda, had invested $500 million in Anthropic in 2021, with the startup's valuation soaring to $18 billion by December 2023. FTX's stake in Anthropic was estimated at around $1.4 billion. After an initial attempt to divest its stake in June 2023 was postponed due to buyer due diligence, FTX resumed efforts in January 2024, seeking to sell approximately 7.84% of its Anthropic holdings.

Court Approval Amidst Dispute Resolution

In a court filing, FTX highlighted the substantial appreciation in Anthropic's shares since its acquisition, attributing it to heightened interest in AI and large language models. Despite objections from some customers, alleging misappropriation of funds, Judge John Dorsey of the Delaware Bankruptcy Court approved the sale on February 22nd. Dissenting customers agreed to the sale under the condition of potential reimbursement from the proceeds in the future.

Proceeds for Customer Reimbursement

FTX plans to utilize the proceeds from the sale to reimburse users, in addition to the $6.4 billion already reserved for this purpose. Attorney Andy Dietderich affirmed the sale of Anthropic shares, emphasizing FTX's commitment to putting customers' interests first.

Sale of Digital Custody Inc.

CoinList is set to acquire Digital Custody Inc. from FTX for $500,000, with funds provided by CoinList CEO Terrence Culver. Notably, Culver had initially sold Digital Custody to FTX for $10 million, highlighting the strategic value of the company's custody license from South Dakota.

FTX Stake Sale Approved

The US court approves FTX's sale of its stake in Anthropic, a pivotal step in compensating customers affected by its 2022 collapse. Despite objections, the court greenlights the sale, with proceeds intended for customer reimbursement. Additionally, CoinList acquires Digital Custody Inc. from FTX for $500,000.