In a recent development, FTX, a bankrupt cryptocurrency exchange, has reportedly suspended the sale of its $500 million stake in artificial intelligence startup Anthropic. The sale was intended to help recover funds for creditors and fill a remaining $2 billion hole in FTX’s balance sheet.
According to sources familiar with the matter, FTX’s advisory investment bank, Parella Weinberg Partners, paused the sale despite receiving interest from multiple potential buyers. This pause could potentially delay FTX’s recovery efforts.
The sale of FTX’s Anthropic stake was anticipated to be a significant monetary recovery for the exchange. Anthropic, which offers an AI chatbot called “Claude,” had seen its valuation reach $4.6 billion in May 2023, with a recent funding round raising $450 million. FTX held $500 million worth of Anthropic stock before its bankruptcy, and the value is expected to have increased due to the booming AI industry.
This decision to halt the sale comes shortly after FTX restructuring chief John Ray’s report, which alleged the misappropriation of $8.7 billion in user funds, with around $7 billion already recovered. The report also revealed questionable grants, investments, and real estate portfolios linked to FTX’s previous management team.
The pause on the sale raises concerns about FTX’s ability to recover all assets, as it still faces a $2 billion shortfall. It is crucial for FTX to sell underperforming assets first, making the suspension of the Anthropic sale a wise move strategically. Furthermore, there may be potential synergies between Anthropic’s tokenization and FTX’s future plans, such as the exclusive listing on FTX 2.0.
Parella Weinberg Partners and Anthropic have yet to respond to requests for comment on the matter.
Overall, this development highlights the challenges faced by FTX in its recovery process, the potential value of its stake in Anthropic, and the significance of AI technologies in the current market landscape.