The now-defunct cryptocurrency exchange FTX is looking to offload its stake in Anthropic, an AI startup, following its bankruptcy last year. Overseeing the bankruptcy proceedings, Perella Weinberg is reportedly discussing the sale with interested parties. FTX, which once unexpectedly owned up to $500 million worth of shares in Anthropic, could potentially secure a significant sum from the sale that would be distributed to its former customers.
The recent AI boom and rising demand for AI technologies have led to substantial growth in Anthropic. The company has become one of the most valuable in the AI industry, with a valuation of $4.6 billion after a $750 million funding round. However, there is skepticism on whether to sell the entire stake or retain some shares in anticipation of further growth in AI valuations.
Anthropic, launched in 2021 by former OpenAI employees, is developing Claude, a general-purpose artificial intelligence chatbot with the potential to rival OpenAI’s ChatGPT. Interestingly, Google invested approximately $300 million in Anthropic earlier this year in exchange for a 10% stake in the company.
The FTX saga continues as Sam Bankman-Fried, the disgraced founder of FTX, faces criminal charges and arrest in 2021, eventually being released from jail after posting a $250m bond. Recently, a judge denied FTX’s request to join mediation between now-bankrupt crypto lender Genesis Global and parent company Digital Currency Group (DCG), keeping FTX out of the revised payout proposal negotiations.
Meanwhile, Bankman-Fried is preparing to argue that he relied on the advice of Silicon Valley law firm Fenwick & West in his defense against fraud charges. Last month, his lawyers requested documents provided to the government by the firm as “material to preparing a defense” and potentially using an advice-of-counsel defense to rebut suggestions of criminal intent. Prior to this, the embattled crypto boss asked a New York federal judge to dismiss most of the criminal charges against him, claiming they turned civil and regulatory issues into federal crimes.
The potential sale of FTX’s stake in Anthropic highlights both the opportunities and challenges of navigating the rapidly growing AI industry and the turbulent waters that surrounds the bankruptcy of a cryptocurrency exchange. While the outcome remains uncertain, the decision whether to sell the entire stake or retain some shares in anticipation of further growth in AI valuations is sure to impact the fortunes of former FTX customers and stakeholders.
Source: Cryptonews
