FTX Moves to Sell $1.4 Billion Stake in AI Startup to Repay Customers
– FTX is seeking court approval to sell its entire stake in AI startup Anthropic to generate funds for customer reimbursements.
– The defunct exchange has abandoned plans to revive its platform and is focused on repaying over 9 million claimants awaiting payment.
Under new leadership, FTX is actively pursuing avenues to generate funds amid regulatory and creditor pressures for reimbursements. The defunct exchange is determined to fully repay its customers and has abandoned plans to revive its platform. FTX formally submitted a motion to the court seeking approval to sell Anthropic Series B Preferred Stock, which is valued at approximately $1.4 billion. The move aligns with the exchange’s broader initiative to recover funds and fully compensate its customers.
FTX is also seeking to sell a $175 million claim against bankrupt digital financial services firm Genesis Global Capital. The exchange will value claimants’ digital assets in cash at November 2022 rates, which could impact potential payouts to users.
Should the court approve the exchange’s motion, FTX will have over $1 billion in liquidity to repay its creditors, who have been patiently waiting for over a year for reimbursement.
**Why This Matters:**
FTX’s move to sell its stake in Anthropic and other claims indicates progress towards repaying millions of claimants awaiting refunds. The potential liquidity from the sale could significantly impact the exchange’s ability to fully compensate its customers.
In the latest developments of the case, it’s clear that FTX is working diligently to address its financial obligations to customers and creditors through various asset sales and claims settlements.
*GPTNewsRoom.com* provides original news content designed to inform and engage readers on a wide range of topics.