According to court documents filed on May 31, bankrupt cryptocurrency exchange FTX has sold its remaining stake in artificial intelligence startup Anthropic, generating $450 million in revenue.
FTX sold the remaining 15 million shares of stock at a price of approximately $30 per share, resulting in a total investment of approximately $1.3 billion and a profit of approximately $800 million. The second sale price per share is the same as the price of the first sale in March.
The largest buyer in this round is global venture capital fund G Squared, which purchased approximately 4.5 million shares for $135 million. Most of the other 20 buyers are also venture capital funds.
According to a report from The Block, the legal and administrative costs of FTX’s bankruptcy have exceeded $500 million, including $254 million for special advisor Sullivan and Cromwell, $133 million for financial advisor Alvarez and Marsal, and $5.6 million for FTX CEO John Ray III.
FTX creditors have complained about potential conflicts of interest, as Sullivan and Cromwell was also one of the law firms representing FTX before its bankruptcy. This conflict has led to the appointment of an independent examiner and collective litigation.
According to the reorganization plan submitted by FTX’s bankruptcy restructuring team to the Delaware Bankruptcy Court on May 7, 98% of FTX creditors will receive 118% of their allowed claims within 60 days of the plan’s effectiveness.
FTX creditors with claims of $50,000 or less will also receive 118% of their allowed claims within 60 days.
Anthropic
FTX