FTX exchange recently added a motion to sell the entire stock of an AI startup named Anthropic. The stake accounts for 8% of the total investment portfolio of FTX and is valued at around $1.4 billion. The filing was submitted at the Bankruptcy Court in the District of Delaware for investors who have been seeking to sell the Anthropic Series B stock.
The sales request also accounts for rights of interest and is owned by sister firm Alameda Research. FTX’s former CEO SBF invested around $530 million in Anthropic in April 2022. The investment took place 7 months before the collapse of the trading platform.
However, filings indicate that funds for investing in Anthropic came from customer accounts at FTX. On this account, the prosecution also presented evidence in the court during SBF’s trial proceeding in October 2023. As per the report, Alameda Research held around 13.56% of Anthropic’s shares after a Series B funding round in April, 2022.
Anthropic also issued more securities in the upcoming funding rounds which led to diluting Alameda’s presence to 7.84% in January 2024. Anthropic was valued at $18 billion in December 2023 and Alameda’s stake in the firm was valued at around $1.4 billion.
FTX Appeals to Grant Quick Approval for Sales of Anthropic Shares
The trading platform has requested the court to shorten the timeline of the application and expedite it before the bankruptcy proceeding on 22nd February. The firm also noted in its filings that debtors will benefit from excess demand of Anthropic’s equity in case of more financing rounds.
At the same time, the total amount and value of shares distributed among debtors will also bring more flexibility for sellers at variable intervals and monetize their interests.
Additionally, the disinvestment in the AI startup is part of FTX’s management plan under new leadership. In this manner, the management is making efforts to recover funds and fully reimburse consumers. Andy Dietderich, the legal representative of FTX claimed during a new court hearing that FTX has the ability to fully compensate its account holders and creditors.
At the same time, the consultant also discarded any plans to relaunch the platform. FTX also filed another petition at the court on 1st February to sell $175 million in claims against bankrupt firm Genesis Global Capital.
Three Arrow Capital Co-founder Announces OPNX Shutdown
Three Arrow Capital (3AC) is a defunct hedge fund that was heavily invested in FTX and recently announced details about its crypto exchange platform OPNX. OPNX sent a notification to consumers asking them to dissolve all positions by 7th February and withdraw all funds by 14th February.
The trading platform has notified users that withdrawal options after 14th February will be revoked. The forum was a hybrid bankruptcy claims and exchange platform that allowed creditors to clear claims of bankrupt crypto firms.
Since the issuance of the new notification, OX the native currency of OPNX has plunged from $0.01 to $0.006 within 60 minutes as per statistics from CoinGecko. After the collapse of 3AC in June, 2022 the platform also struggled to operate and faced legal issues.
OPNX shutdown will add to the legal obstacles that the firm is facing as its co-founders face a $1.3 billion claim from co-founders. The central bank of Singapore issued prohibition orders to OPNX’s co-founders citing that 3AC violated securities laws of the nation.