Bankrupt crypto exchange FTX has received approval from U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware, to sell its shares in artificial intelligence startup Anthropic.
The decision followed a compromise between FTX and a group of customers opposing the sale. FTX’s initial $500 million investment in Anthropic in 2021 gave it a 13.56% equity stake, which has since been diluted to 7.84% due to subsequent fundraising, including a $4 billion investment from Amazon.com.
As part of its court-supervised liquidation efforts to repay customers affected by the 2022 collapse, FTX sought permission to sell the Anthropic shares. Attorney Andy Dietderich stated during a court hearing that FTX plans to sell the shares, expecting a profit, and deposit the proceeds into the bank.
“We are selling the Anthropic shares, as we are selling everything, and putting the money in the bank,” FTX attorney Andy Dietderich stated at a court hearing on Thursday.
The court documents indicate FTX’s intention to retain flexibility in determining the optimal time for selling the shares.
Customers opposing the sale initially argued that FTX did not legitimately own the Anthropic shares, alleging the funds used for the purchase were embezzled from customer deposits.
Despite their opposition, they agreed to proceed with the sale under the condition that they can later argue for ownership of any money generated from the sale.
Dietderich clarified that FTX intends to use the sale proceeds to repay customers and has sufficient cash, totaling $6.4 billion, to address specific customer groups proving ownership of the Anthropic shares.
FTX founder Sam Bankman-Fried, found guilty of stealing billions from customers, faces sentencing on March 28, with plans to appeal the conviction.
