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FTX Proposes Full Exit, Selling 8% Anthropic Stake

Amidst its bankruptcy woes, cryptocurrency exchange FTX is making moves to offload its 8% stake in AI powerhouse
By Josefina Dipaolo
February 6, 2024

In the tumultuous world of cryptocurrency, bankrupt exchange FTX is making headlines once again, this time with a strategic move to sell its stake in AI startup Anthropic Holdings. With the fate of millions at stake, FTX's CEO, John Ray III, has filed a motion seeking court approval for the sale, ushering in a new chapter in the exchange's financial saga.

FTX's proposal outlines two potential avenues for the sale: an auction or a private transaction, both aimed at expediting the process and maximizing returns. The urgency is palpable, with FTX pushing for a swift resolution, setting a court hearing for February 22.

The precise value of FTX's stake in Anthropic remains undisclosed, a strategic move to prevent any potential hindrance to securing favorable offers. However, reports suggest that Anthropic Holdings' valuation soared to $18 billion in December 2023, hinting at a substantial windfall for FTX.

This impending sale holds promise for FTX's stakeholders, with hopes pinned on the proceeds to fully address outstanding claims and obligations stemming from its collapse.

In a bid to shore up its finances, FTX is also pursuing the sale of its $175 million claim against Genesis Global Capital, adding another layer of complexity to its recovery efforts. With options to sell the claim in parts or entirety, FTX aims to leverage market dynamics to its advantage.

FTX's journey through bankruptcy has been fraught with challenges, marked by legal tussles and financial intricacies. From Genesis Global Capital to the Gemini cryptocurrency exchange, each twist and turn has shaped FTX's path towards redemption.

As FTX navigates the treacherous waters of bankruptcy, the sale of its stake in Anthropic Holdings emerges as a pivotal moment in its quest for financial stability. With hopes riding high and court hearings looming, the cryptocurrency community holds its breath, awaiting the outcome that could reshape the fate of FTX and its stakeholders.

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