FTX crypto exchange is now liquidating assets in order to reimburse previous clients, which includes the sale of its remaining interests in the artificial intelligence firm, Anthropic.
A total of 15 million shares were sold at a price of $30 per share, resulting in a revenue of more than $452 million. G Squared, a venture capital company, purchased about one-third of the shares for $135 million. Additional purchasers included Fund FG-BLU as well as many hedge funds and financial organizations.
The aggregate revenue generated from the sale of Anthropic shares amounts to $1.3 billion. In 2021, the exchange and its sister firm, Alameda, made an initial investment of $500 million to acquire an 8% interest in Anthropic. This investment proved to be profitable as the value of these shares climbed, resulting in FTX making over $800 million in earnings.
In addition, the estate has been divesting other assets, such as real estate holdings that were acquired by FTX prior to its bankruptcy. An expert in bankruptcy said that the bankruptcy processes of FTX exchange have incurred expenses over $700 million, including both legal and administrative expenditures that have accrued since the collapse of the exchange.
Alvarez & Marsal, a consulting company, invoiced a total of $212 million for the services it provided, while FTX’s legal counsel submitted a bill amounting to $202 million. CEO John Ray has invoiced the estate a total of $5.6 million since the commencement of the bankruptcy proceedings.
Following the fall of FTX, the estate has been methodically liquidating assets, which include interests in technology businesses, real estate properties, and other investments made by FTX prior to filing for bankruptcy. The liquidators strive to optimize the value obtained from these transactions in order to overcome the financial deficit.
The continuing liquidation process highlights the intricate difficulties encountered by the FTX bankruptcy estate, as it grapples with the task of adequately compensating creditors and handling the substantial expenses associated with the proceedings.
Last month, FTX exchange investors announced they were willing to drop their case against Sam Bankman-Fried provided he assists in legal proceedings against celebrities who endorsed the exchange.
