FTX Sells Entire Stake in Anthropic, Generates $1.3 Billion in Revenue

According to court documents filed on May 31, bankrupt cryptocurrency exchange FTX has sold its remaining stake in artificial intelligence startup Anthropic for $450 million.
The sale of the remaining 15 million shares of stock at a price of approximately $30 per share brings FTX’s total investment in the company to around $1.3 billion, resulting in a profit of approximately $800 million. The second sale price per share is the same as the price of the first sale in March.
The majority of shares were purchased by global venture capital fund G Squared for a price of $135 million, while the remaining 20 buyers also included venture capital funds.
According to a report by The Block, FTX’s bankruptcy legal and administrative costs have exceeded $500 million, including $254 million for special advisor Sullivan and Cromwell, $133 million for financial advisor Alvarez and Marsal, and $5.6 million for FTX CEO John Ray III in fees calculated at $1,300 per hour.
FTX creditors have complained about potential conflicts of interest, as Sullivan and Cromwell was one of the law firms representing FTX prior to its bankruptcy, leading to the appointment of an independent examiner and collective lawsuits.
According to FTX’s bankruptcy restructuring team’s plan submitted to the Delaware bankruptcy court on May 7, 98% of FTX’s creditors will receive 118% of their allowed claims within 60 days of the plan taking effect.
FTX also has 9% interest available, and creditors with claims below $50,000 will receive 118% of their claimable amount within 60 days.