FTX, the bankrupt cryptocurrency exchange, has successfully sold all 15 million of its shares in artificial intelligence company Anthropic for a total of $450 million. The sale was conducted with the goal of maximizing repayment to creditors. This marks the final step in FTX’s divestment from Anthropic, with the total amount received from their initial investment now close to $1.3 billion, resulting in profits of around $800 million.
The largest buyer in this sale was global venture capital fund G Squared, who purchased 4.5 million shares for $135 million. The remaining shares were acquired by various other venture capital funds. This transaction follows a previous sale in March, where the shares also sold for $30 each.
The approval for this deal was obtained from the US District Court for the District of Delaware’s Supreme Bankruptcy Court in a timely manner. FTX aimed to expedite creditor payments while ensuring the process was advantageous for all parties involved.
Despite incurring more than $700 million in legal and administrative fees during the bankruptcy process, FTX has managed to amass a cash fund of $16.3 billion for distribution. This exceeds the approximately $11 billion owed to their two million customers and other creditors. FTX plans to repay at least 118% of the allowed claims, a remarkable achievement in US bankruptcy proceedings.
However, FTX’s chosen law firm, Sullivan & Cromwell, has faced criticism due to potential conflicts of interest arising from its prior representation of FTX. Calls for an independent examiner and a class-action lawsuit have been made, but the firm has defended its actions.
The CEO of FTX, John Ray III, has charged the estate $5.6 million for his services, billing at a rate of $1,300 per hour. This demonstrates the estate’s commitment to repaying creditors promptly and resolving the bankruptcy as swiftly as possible.