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FTX’s sale of a $500 million stake in artificial intelligence startup Anthropic has reportedly been put on hold, potentially delaying efforts to fill the remaining $2 billion hole in the bankrupt crypto exchange’s balance sheet.
On June 27, Bloomberg informed of Investment bank Parella Weinberg Partners, an advisor to FTX, halted the sale of its Anthropic stake this month, despite several parties interested in buying the FTX stake, citing people familiar with the matter.
The stake sale would be a significant monetary improvement for FTX. A June 26 report by FTX restructuring chief John Ray alleged that $8.7 billion in user funds had been misappropriated, of which about $7 billion has been recovered.
FTX stopped selling Anthropic. Wise move.
It is important to sell the losers first.
Anthropic tokenization as a specialized list may also dovetail well with FTX 2.0. pic.twitter.com/WJd900JBYw
— AFTX 2.0 Alliance (@AFTXcreditor) 27 June 2023
Prior to the halving, several buyers were reportedly interested in Anthropic’s piece of FTX. In early June, Semaphore reported that FTX was pitching the AI firm to potential investors.
FTX held $500 million worth of Anthropic stock at the time of its bankruptcy in November 2022, which is expected to be worth much more now with the AI boom in full swing.
On May 23, Anthropic achieved a reported valuation of $4.6 billion and raised $450 million in its latest funding round. Anthropic offers an AI chatbot called “Cloud” which it claims can be deployed for a number of uses including sales, customer service and web search.
At the time of bankruptcy, FTX’s stake in the AI firm was one of its largest holdings behind a $1.15 billion investment in crypto miner Genesis Digital Assets.
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The report of the moratorium on the sale comes just days after Ray’s report on the alleged misappropriation of FTX client funds and the merger, which claimed that FTX would potentially have to spend $2 billion before recovering all assets.
FTX Debtors Releases Its Second Investigation Report, Detailing the Collusion and Misuse of Customer Deposits From the previous management team of FTX Group: https://t.co/jtz3vI0jBY
— FTX (@FTX_Official) 26 June 2023
The report reportedly included details of thousands of dollars in “grants” given to specific non-crypto-related projects.
The report also details alleged investments in venture capital firms, a $243 million Bahamian real estate portfolio as well as donations to nonprofits and a political action committee run by Gabe Bankman-Fried, the younger brother of FTX co-founder Sam Bankman. Details have been given. fried.
Cointelegraph reached out to Parella Weinberg Partners and Anthropic for comment but did not receive an immediate response.
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