- ByStartupStory | March 26, 2024
FTX, once spearheaded by the now-disgraced crypto luminary Sam Bankman-Fried, has announced the sale of a significant portion of its shares in the burgeoning AI startup, Anthropic. According to a court filing released on Monday, the deal amounts to a staggering $880 million.
The shares in Anthropic, a rising star in the AI landscape, were regarded as prized assets within the remnants of the FTX empire following its collapse in late 2022, marred by revelations of extensive fraud implicating Bankman-Fried and his inner circle.
Bankman-Fried, aged 32, faced a slew of charges, culminating in a guilty verdict rendered in November 2023. He awaits sentencing at a federal court in New York, with prosecutors advocating for a substantial prison term ranging from 40 to 50 years.
The lion’s share of the Anthropic shares is slated for acquisition by ATIC Third International Investment Company, an entity affiliated with the Mubadala sovereign wealth fund based in the United Arab Emirates, the court filing disclosed.
According to the document, ATIC will shell out $500 million to secure its stake in Anthropic. Meanwhile, the remainder of the shares will be distributed among approximately 20 other buyers, notably including Bankman-Fried’s former employer, Jane Street Global Trading.
This divestment stands to yield significant returns for FTX, which initially injected $500 million into Anthropic back in 2021, during the zenith of the company’s prominence as a titan in the realm of cryptocurrency.
Anthropic, conceived in the same year, emerged from the minds of former personnel at OpenAI, the trailblazing entity responsible for the development of ChatGPT and other pioneering AI technologies.
In light of these developments, the transaction underscores a pivotal moment in FTX’s tumultuous journey, marking both a strategic pivot and a testament to the enduring allure of Anthropic within the investment landscape.
