AI hype is good for bankrupt FTX, $1 billion stock sale

At the end of 2022, the giant crypto exchange FTX went bankrupt. This led to a long aftereffect of problems that remain unresolved to this day. For example, FTX still owns a lot of assets, including shares in the AI ​​startup. The trustee wants to sell these shares soon, which could bring a significant profit to the creditors.

FTX wants to get rid of AI stocks

CNBC claims to have learned this from its own sources. The startup is the software company Anthrophic, which creates language models for artificial intelligence (AI). Anthrophic is looking for new investors as FTX needs to sell its stake.

Several government investment funds are said to have already shown interest. This also applies to that of Saudi Arabia, but the American company rejects this offer due to geopolitical disputes. It is not yet clear who will take over FTX’s shares, but a deal is expected to be completed sometime in the coming weeks.

FTX bought around $530 million worth of Anthropic shares in April 2022, just before the AI ​​hype. The company is now worth almost twice as much, meaning FTX’s stake is now worth around $1 billion.

Sale by FTX favorable for creditors

This would be a great advantage for the creditors of the insolvent crypto exchange, as the company will likely still lack money to fully compensate investors. It is not entirely clear how much money FTX still owes. At the beginning of this year it would still be $8 billion.

In the last three months of 2023, the curator is said to have sold around $2.1 billion worth of cryptocurrencies. In February, the sale of FTX’s European subsidiary was added, but it only raised $32.7 million. In late February, the company received court approval to sell its shares to Anthropic, a process that is still ongoing.

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The hype around AI now seems to be slowly dying down. A Coinbase analyst recently called the AI ​​subsector in the cryptocurrency world overvalued.

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