Market

FTX exchange wins court approval to sell AI startup stake, plans full customer payback

Array
FTX exchange wins court approval to sell AI startup stake, plans full customer payback

FTX crypto exchange has received court permission to sell its stake in AI firm Anthropic as part of its efforts to repay customers following its financial troubles.

In 2021, the FTX exchange and sister firm Alameda invested $500 million in Anthropic, which, by the end of 2023, had a valuation of up to $18 billion.

The exchange’s share value is now around $1.4 billion. In February 2024, FTX proposed selling over 7.80% of its holdings in Anthropic after a dispute with a group of customers was resolved.

The sale was approved under the agreement that the proceeds might later be used to compensate the exchange users. Moreover, FTX’s lawyer, Andy Dietderich, stated that the proceeds would be used for user reimbursement.

Additionally, FTX also plans to sell Digital Custody Inc., a licensed asset custody firm, to CoinList for $500,000. This sale highlights the value of Digital Custody Inc., particularly its South Dakota custody license.

Tags

Emma Davis is a highly skilled and experienced crypto writer with a passion for all things blockchain and cryptocurrency. With years of experience writing about the latest trends, news, and innovations in the crypto world, Emma has established herself as one of the best crypto journalists.