Summary
TLDR: Bankruptcy court approves FTX estate’s motion to sell 8% stake in Anthropic AI startup, potentially fetching over $1 billion. Estate also granted permission to sell shares of Grayscale’s bitcoin ETF. Estate scraps plans to reboot exchange due to lack of buyer and investor interest.
Key Points
1. The FTX estate’s motion to sell its Anthropic stake was approved by a bankruptcy court, allowing them to offload their 8% stake in the AI startup for a potential amount of over $1.4 billion.
2. Former CEO Sam Bankman-Fried initially invested roughly $500 million into the start-up in 2021, making it one of the profitable ventures from FTX and contributing to the cash pile of the bankrupt exchange.
3. FTX also received approval to sell its shares of Grayscale’s bitcoin ETF, having reportedly unloaded roughly $1 billion of GBTC so far.