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US Court Approves FTX’s $1 Billion Asset Sale

US court has approved bankrupt cryptocurrency exchange FTX‘s request to sell artificial intelligence stocks worth over $1 billion.
FTX received another approval from the court as it struggles with the bankruptcy process and tries to sell its assets to repay its creditors.

Judge John Dorsey of the US Bankruptcy Court for the District of Delaware authorized FTX to sell its approximately 8% stake in artificial intelligence company Anthropic. The judge emphasized that creditors were consulted and deliberated before granting the approval. FTX will realize a gain of approximately $1.4 billion when the sale is completed.

During the hearing, FTX lawyer Andrew Dietderic stated that it is standard practice to sell Anthropic shares like any other asset:

“We sell Anthropic shares as we sell all assets and deposit the proceeds in the bank. We see no difference between the proceeds of Mr. Adler’s clients and the disposal of Anthropic, they all go into the same accounts.”

FTX made a $500 million investment in Anthropic in October 2021 through former CEO Sam Bankman-Fried, which was valued at $1.4 billion as the company grew. Anthropic’s last reported valuation was $18 billion in December 2023.

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