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The agreement, disclosed in a filing submitted to a Delaware court, marks a significant development in FTX’s ongoing efforts to liquidate assets and repay creditors.
The transaction, dated March 22, involves a consortium of buyers, with the largest stake being acquired by ATIC Third International Investment Co., an entity associated with Mubadala, a sovereign wealth fund based in the United Arab Emirates (UAE). ATIC Third International Investment Co. is set to purchase nearly $500 million worth of Anthropic shares, underscoring the growing interest of UAE-based investors in emerging technologies.
Jane Street, a renowned quantitative trading firm where FTX founder Sam Bankman-Fried previously worked, is the second-largest buyer in the deal, acquiring shares worth close to $100 million. Other prominent buyers include venture fund HOF Capital, the Ford Foundation, funds managed by Fidelity Management, and various sovereign wealth funds.
The sales are subject to approval by Judge John Dorsey, who is overseeing FTX’s bankruptcy proceedings in Delaware. If approved, the transaction would represent a significant step towards FTX’s goal of repaying clients who suffered losses during the collapse of the exchange in late 2022.
Under Bankman-Fried’s leadership, FTX had invested $500 million in Anthropic, which was founded by former employees of OpenAI in 2021. The startup’s valuation soared to $18 billion by December 2023, making FTX’s stake potentially worth $1.4 billion.
The sale of FTX’s Anthropic stake comes amid ongoing efforts by the bankruptcy estate to recover funds and repay creditors. Led by new CEO John Ray III, FTX has been aggressively pursuing assets and tracking down missing funds. Despite significant progress in asset recovery, challenges remain, with lawyers representing the bankruptcy estate acknowledging the need for continued efforts to fully repay clients and creditors.
While FTX had explored the possibility of a company reboot through negotiations with potential bidders, those efforts were abandoned earlier this year. The sale of its stake in Anthropic represents a significant milestone in FTX’s bankruptcy proceedings, with proceeds expected to bolster efforts to repay creditors and address outstanding claims.