- The FTX liquidates the final 15M Anthropic shares at $450 million.
- FTX’s total earnings from Anthropic shares now hit $1.3B with $800M profit.
- FTX’s bankruptcy legal and administrative fees reportedly exceed $700M.
The FTX bankruptcy estate, led by CEO John Ray III, has divested its remaining stake in the AI startup Anthropic, the creators of the chatbot Claude. The latest bankruptcy filings reveal that FTX sold its final 15 million shares for $30 each, amassing over $450 million from the sale.
This transaction marks a substantial return on FTX’s initial $500 million investment in Anthropic. Total earnings now reach approximately $1.3 billion, resulting in a $800 million profit. Notably, the share price remained consistent with the first sale conducted in March.
In this latest round of sales, the primary purchaser was the global venture capital fund G Squared, which acquired around one-third of the shares on offer, amounting to 4.5 million shares for $135 million. Venture capital funds also represented most of the other 20 purchasers of Anthropic shares.
Meanwhile, the FTX bankruptcy continues to be costly, with legal and administrative fees now exceeding $700 million, as reported by bankruptcy specialist Mr. Purple.
In parallel, creditors have raised concerns over potential conflicts of interest as Sullivan and Cromwell, the leading law firm overseeing FTX’s bankruptcy, had previously represented the company. This has led to the appointment of an independent examiner and a class-action lawsuit.
An investigation by the New York Times last year highlighted that law firms have billed crypto companies hundreds of millions of dollars in bankruptcy fees. In the case of FTX, CEO John Ray has charged the estate $5.6 million based on his hourly rate of $1,300 since the commencement of the bankruptcy case.
Despite the staggering costs, the FTX estate remains optimistic about repaying its creditors. Plans are underway to reimburse 98% of the creditors with at least 118% of the allowed claims, with the valuation based on the dollar amount when FTX filed for bankruptcy.
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