FTX Sells Anthropic Shares Amid Soaring Bankruptcy Costs

Bittime - FTX Assets which is in bankruptcy proceedings has sold its remaining stake in Anthropic, an artificial intelligence startup. The move comes as FTX faces a surge in legal and administrative costs stemming from its bankruptcy process. The costs have reportedly exceeded an alarming $700 million mark.

Share Sale Details

The report shows that FTX sold its last 15 million Anthropic shares for about $30 per share, resulting in total sales of more than $450 million. The biggest buyer was global venture capital firm G Squared, which acquired about a third of the available shares (4.5 million shares) for $135 million. Venture capital firms also made up the majority of the other 20 buyers of Anthropic shares.

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Profitable Investment for FTX

Even though it is in bankruptcy, the sale of Anthropic shares remains a successful investment for FTX. Their initial investment of $500 million has resulted in a sale price of $1.3 billion, which translates to a profit of about $800 million. 

These results show that FTX's investment in Anthropic could prove profitable, even amidst the current financial turmoil.

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Conclusion

The sale of Anthropic shares is another development in the ongoing FTX bankruptcy saga. With legal and administrative costs exceeding $700 million, it remains unclear how FTX assets will manage its finances in the future. 

The significant gain from the sale of Anthropic may provide some relief, but the overall financial picture for FTX is still very complicated.

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Also read:

FTX-Deltec Crypto Scandal: Expose of Tether Manipulation Network

FTX Plans to Sell $1.4 Billion of Anthropic Shares

Ryan Salame, Former FTX Executive, Faces 5-7 Years in Prison

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.