FTX sells off remaining Anthropic shares during bankruptcy proceedings

Anthropic, an artificial intelligence (AI) startup, has seen its investment from the FTX Exchange dissolve as of June 1. The US Bankruptcy Court approved the move just weeks after the bankruptcy filing by Anthropic. The FTX Estate, led by John Ray III, has sold its remaining stake in the company. Prior to the sale, FTX held around 15 billion Anthropic shares valued at $30 each, resulting in a total of $450 million. Importantly, the price per share remained unchanged from the initial sale in March. The FTX Estate has made approximately $800 million from its investment in Anthropic, despite initially investing $500 million. The company was compelled to sell its stake in Anthropic due to the ongoing FTX bankruptcy case. The expenses associated with the case, including legal and administrative fees, were mounting. Additionally, the promised reimbursement to impacted creditors had not been fulfilled, prompting the company to seek permission from the bankruptcy court to sell its interest. FTX believed that liquidating its stake in Anthropic was the best way to pay off creditors and protect all parties involved. The US District Court for the District of Delaware’s Supreme Bankruptcy Court granted permission for the move. In other news, Hong Kong has listed 11 crypto exchanges as prospective candidates for licensing.