The FTX bankruptcy estate has been involved in several asset liquidations over the past year as it sought to refund in full former clients of the now defunct stock exchange. In the latest development in the ongoing procedure, the domain has sold the last part of its shares in the artificial intelligence (AI) startup Anthropic.
FTX Raises $800 Million From Anthropic Stock Sale
According to the latest bankruptcy filings, the FTX estate cashed in its remaining shares in Anthropic, the AI company behind the Claude chatbot. The domain abandoned the remaining 15 million shares at $30 per share, receiving proceeds of more than $452 million.
The lead buyer in this sale is G Squared, a venture capital fund, which purchased approximately one-third (4.5 million) of the remaining shares for approximately $135 million. Other buyers include the FG-BLU Fund and more than a dozen other hedge funds and investment companies.
List of the buyers, number of shares, and aggregate purchase price | Source: Kroll
It is worth mentioning that the latest sale comes just over two months after the exchange sold the most of their Anthropic actions at the same price of $30 each, bringing in around $900 million in yield. This brings the total sale amount of FTX Anthropic shares to approximately $1.3 billion.
Originally, the FTX exchange and its sister company Alameda paid $500 million for an 8% stake in Anthropic in 2021. However, the subsequent explosion that shook the AI industry made skyrocketing stock values, bringing stock market profits to more than $800 million. .
As we previously inferred, Anthropic shares aren’t the only assets sold in recent months. More recently, the liquidators in charge of FTX’s assets revealed their intention to sell real estate properties that the exchange acquired before the bankruptcy.
FTX bankruptcy costs exceed $700 million
According to a recent report according to a bankruptcy expert, the cost of FTX’s bankruptcy proceedings has exceeded $700 million. This cost includes legal and administrative costs in recent years following the stock market collapse.
The report shows that consultancy firm Alvarez & Marsal is the top earner in the FTX space, charging a whopping $212 million for its services. Sullivan and Cromwell, FTX’s legal advisors, have the second largest bill at $202 million.
Another expense that received attention in the report was FTX CEO John Ray’s bill. The CEO has billed the estate $5.6 million since the start of the year. bankruptcy caseat an hourly rate of $1,300.
The cryptocurrency total market cap at $2.467 trillion on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from Reuters, chart from TradingView
