During a hearing on February 22, Judge John Dorsey of the Delaware Bankruptcy Court approved FTX's proposal to sell its shares of the AI firm Anthropic.
This would potentially add over $1 billion to the company's cash reserves.
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The investment in Anthropic was made in April 2022 for approximately $530 million. Despite FTX's bankruptcy filing in November of the same year, the value of the investment has grown significantly due to the increased valuation of Anthropic.
Customers of FTX initially opposed the sale, stating that the funds to purchase these shares were improperly taken from them. An agreement was later reached on the terms that the money gained would be used for compensations.
This will add to the $6.4 billion in assets FTX has already gathered for repayments, as stated by Andrew Dietderich, representing FTX through Sullivan & Cromwell. Dietderich also mentioned that FTX is on track to fully settle its debts with creditors, abandoning any plans to revive the exchange.
The reimbursement to creditors will reflect the cryptocurrency values at the time of FTX's bankruptcy filing, when Bitcoin's price was considerably lower than its current value.
Sam Bankman-Fried, was found guilty of seven fraud-related charges and is scheduled for sentencing on March 28. Despite the verdict, the ex-FTX leader still asserts his innocence and intends to "vigorously fight the charges against him."
