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FTX gets court approval to sell Anthropic stake

Feb 23, 2024
Illustration of a hundred dollar bill in the shape of the FTX logo

Illustration: Sarah Grillo/Axios

A U.S. judge ruled Thursday that bankrupt crypto exchange FTX could sell its stake in buzzy AI startup Anthropic.

Why it matters: After ballooning in valuation since FTX's initial investment, the Anthropic sale could add over $1 billion to the bankruptcy estate's coffers.

Driving the news: In a Feb. 22 hearing, Delaware Bankruptcy Court Judge John Dorsey approved FTX's plans to sell its shares in Anthropic after the bankruptcy estate reached a compromise with a group of customers who initially opposed the sale.

Catch up quick: Former CEO Sam Bankman-Fried invested $500 million into Anthropic in October 2021, which now amounts to a 7.84% stake.

Friction point: Some FTX customers opposed the sale, arguing that the company did not own the shares because they were purchased with funds embezzled from customer deposits.

  • However, they agreed to allow the plan to go forward if they could claim FTX customers own any money generated from the sale.

The bottom line: FTX says it will add the proceeds from the Anthropic sale to the $6.4 billion it already has banked, and it expects to repay all customers in full by the end of the bankruptcy process.

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