Is FTX expected to overpay? AI unicorn Anthropic to sell stake for $880 million

Bankrupt cryptocurrency exchange FTX has reached an agreement with 24 buyers, including investment companies affiliated with Abu Dhabi sovereign investment fund Mubadala, to sell its two-thirds stake in AI startup Anthropic for $884 million. , to repay creditors, and the related transactions are still subject to approval by a judge.

SBF, the founder and former CEO of the bankrupt exchange FTX, invested US$500 million in the AI startup Anthropic in October 2021. As Anthropic’s valuation skyrocketed, FTX submitted a motion to the court last month requesting approval to sell its holdings. Some Anthropic holds about 8% of the shares and has been approved by a judge.

FTX plans to sell 2/3 of its shares

According to court documents on March 22, FTX plans to sell 29.5 million Anthropic shares it holds to 24 buyers for $884 million, equivalent to two-thirds of its total holdings.

Among them, the largest buyer was ATIC Third International Investment, an investment company under Abu Dhabi’s sovereign investment fund Mubadala, which spent US$500 million to buy 16.6 million shares. The second largest buyer was Jane Street, which spent US$100 million to buy 3.3 million shares. , the third largest buyer was Fidelity’s fund, which spent $50 million to buy 1.5 million shares.

Craig Falls, director of quantitative research at Jane Street, also proposed buying shares worth about US$20 million in his own name. The list of buyers also includes venture capital fund HOF Capital, the Ford Foundation, etc.

According to CNBC, several sovereign wealth funds are seeking to acquire FTX’s Anthroic holdings, but Saudi Arabia has been explicitly excluded due to national security concerns. Saudi Arabia has invested billions of dollars in technology investment funds in an attempt to attract talent in the United Arab Emirates and diversified away from the oil business.

The deal still needs to be approved by a judge

CNBC pointed out that the above-mentioned transaction plan for FTX to sell Anthroic’s shares has not yet been finalized and must be approved by John Dorsey, the Delaware judge responsible for FTX’s bankruptcy case.

As the value of assets liquidated by FTX increases, some people in the community begin to expect to receive excess compensation. After all, in addition to users who deposit stable coins, if the creditors who deposit coins actually suffer heavy losses (for example, BTC is compensated at US$16,870), it is hoped that additional compensation can be provided.

At the same time, SBF will formally pronounce its verdict on the 28th of this month. The U.S. prosecutors requested that SBF be sentenced to 40 to 50 years in prison. John Ray refuted to the court last week SBF’s lawyer’s statement that clients would suffer zero losses in the 2022 crash. He also pointed out that many FTX users are still extremely dissatisfied with the valuation of reimbursement assets, because compensation is based on the current value of the currency price at the time of bankruptcy, rather than the current much higher currency value.