FTX Gets Court Approval to Sell AI Firm Stake

FTX, the cryptocurrency exchange that faced setbacks in 2022, has received court permission to sell its stake in the AI firm Anthropic. This move is part of FTX's efforts to pay back its customers following its financial troubles. Sale of Anthropic Shares Gets Green Light In 2021, FTX, along with its sister company Alameda, invested $500 million in Anthropic, which, by the end of 2023, boasted a valuation of up to $18 billion. This puts FTX’s share value at around $1.4 billion. Attempts to sell these shares began in mid-2023 but were delayed due to thorough checks by potential buyers.

By early 2024, FTX aimed to fully repay its customers, proposing to sell about 7.84% of its holdings in Anthropic in February. On February 22nd, Judge John Dorsey approved the sale after FTX resolved a dispute with a group of its customers. These customers had initially opposed the sale, suggesting the shares were bought with misused funds, a claim backed by the trial of FTX's co-founder, Sam Bankman-Fried.

Despite resistance, the sale was allowed under the agreement that the proceeds might later be used to compensate FTX users. FTX’s lawyer, Andy Dietderich, stated, "We’re selling the Anthropic shares and saving the funds for user reimbursement," adding that the sale, along with $6.4 billion in reserves, should cover refunds. Further Asset Sales Additionally, FTX plans to sell Digital Custody Inc., a licensed asset custody firm, to CoinList for $500,000. This decision follows a previous transaction where FTX bought it for $10 million from Terrence Culver, CoinList’s CEO, who is now repurchasing it. This sale highlights the value of Digital Custody Inc., particularly its South Dakota custody license.