FTX fund recovery efforts hit a speed bump as the sale of the Anthropic stake is suspended.
FTX, the cryptocurrency exchange currently navigating bankruptcy, has reportedly stalled the sale of its $500 million stake in the artificial intelligence (AI) startup, Anthropic.
According to the news portal Bloomberg report shared on June 27th, the sources familiar with the matter revealed that FTX's advisory investment bank, Parella Weinberg Partners, had put the sale of the Anthropic stake on the ice this month.
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This decision was taken despite the interest shown by several parties in acquiring FTX's stake in the company. Reports from Semafor in early June indicated that FTX was introducing the AI company to prospective investors.
When FTX filed for bankruptcy in November, it held Anthropic stock worth $500 million. Given the current AI industry boom, this stock is now expected to be worth considerably more. The company's stake in Anthropic was one of its most significant assets, second only to its reported $1.15 billion investment in crypto miner Genesis Digital Assets.
Anthropic, a promising AI firm, recently attained a reported valuation of $4.6 billion on May 23rd and secured $450 million in its latest funding round. Among its many offerings is an AI chatbot named "Claude," which the company claims can be deployed for various applications, including sales, customer service, and web searches.
The latest update on the temporary halt to the sale of FTX's stake in Anthropic comes shortly after Ray’s report shed light on the alleged misuse of FTX customer funds. The June 26th report suggests that FTX aims to recover another $2 billion before all assets can potentially be restored.
FTX's path to financial recovery after bankruptcy has hit a speed bump with the suspension of the sale of its $500 million stake in Anthropic. With $2 billion still to be recovered, the future steps of the crypto exchange in rectifying its balance sheet will undoubtedly be closely watched by the industry.
