Bankrupt FTX has been involved in several asset divestments over the past year, as it seeks to fully compensate former clients of the now-defunct exchange. In the latest development in the ongoing proceedings, the company has sold the final portion of its shares in artificial intelligence startup Anthropic.
FTX earns $800 million from humanitarian stock sale
According to its latest bankruptcy filings, FTX has acquired its remaining shares in Anthropic, the artificial intelligence company behind the Claude chatbot. Property Dumped The remaining 15 million shares are priced at $30 per share, receiving more than $452 million in proceeds.
The largest buyer in this sale is G Squared, a venture capital fund, which bought about a third (4.5 million) of the remaining shares for approximately $135 million. Other buyers include Fund FG-BLU and more than a dozen hedge funds and other investment firms.
List of the buyers, number of shares, and aggregate purchase price | Source: Kroll
It is worth noting that the latest sale comes a little more than two months after the exchange sold the bulk of its shares in Anthropic at the same price of $30 per share, achieving proceeds of about $900 million. This brings the total amount of FTX Anthropic stock sales 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 rocked the AI industry caused the value of the shares to skyrocket, taking the exchange's profits to more than $800 million. . .
As we concluded earlier, Anthropic shares aren't the only assets that have been sold off in recent months. Recently, the liquidators responsible for FTX's assets revealed plans to sell properties acquired by the exchange before the bankruptcy.
FTX bankruptcy charges exceed $700 million
According to another a report By Bankruptcy Expert The cost of FTX's bankruptcy proceedings exceeded $700 million. This cost includes legal and administrative fees over the past few years after the stock market crash.
The report shows that consulting firm Alvarez & Marsal is the highest paid firm among FTX employees, charging a whopping $212 million for its services. Sullivan & Cromwell, FTX's legal counsel, has the second-largest bill at $202 million.
Another expense that caught attention in the report was FTX CEO John Ray's bill. The CEO has collected $5.6 million from the estate since the bankruptcy case began, at 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