Artificial intelligence company Anthropic has just completed a funding round that could give it a valuation of $30 billion, offering good prospects for creditors of the cryptocurrency exchange FTX. The increase in its valuation would be excellent news for the latter, who could see their assets recovered 100% as part of FTX’s bankruptcy proceedings.
Financing and increasing the valuation of Anthropic
As a reminder, Anthropic had already completed a first round of Series B financing in April 2022, led by Sam Bankman-Fried (SBF), the founder of FTX. Kunchou Tsai, managing partner of Enlighten Law Group and expert in cryptocurrency bankruptcies, believes that this new financing and the increase in its valuation is good news for FTX’s creditors. In order to better understand what this means, it is interesting to create a sensitivity table on the valuation of Anthropic, taking into account the valuation at which FTX invested. For example, if FTX invested $500 million at a valuation of $2.5 billion, it would own 20% of Anthropic. So, with a valuation of $15 billion, FTX’s investment would be worth $3 billion.
Creditors welcome the news
At this point, it is impossible to determine when the FTX bankruptcy restructuring team will be able to sell its stake in Anthropic. Nevertheless, the new valuation of the AI company raises the hopes of FTX creditors.
The FTX 2.0 coalition
Indeed, the FTX 2.0 coalition hopes that a potential increase in Anthropic’s valuation will put FTX’s stake between $3 billion and $4.5 billion. According to Mr. Tsai, SBF invested in Anthropic personally and not through FTX. Consequently, some bonds could be sold on Wall Street, notably to American hedge funds.
- Increase in Anthropic’s valuation: hope for FTX creditors
- FTX could recover 100% of assets in bankruptcy proceedings
- FTX stake in Anthropic: potentially between $3 billion and $4.5 billion
Reimbursement of all FTX creditors in sight?
Anthropic’s colossal fundraising could allow all of FTX’s creditors to be repaid, which would be a very positive outcome for the cryptocurrency exchange. However, there is still uncertainty about when the FTX team will be able to sell its stake in Anthropic. In the meantime, the stakeholders concerned are closely monitoring developments in the situation.
Next steps
For now, it is essential to monitor the evolution of Anthropic and FTX’s valuations to understand how these numbers could affect the ongoing bankruptcy proceedings. It will also be interesting to follow the decisions of the FTX 2.0 coalition and its consequences for creditors.
Anthropic’s new potential valuation at $30 billion marks an important turning point for the artificial intelligence company, but also for FTX’s creditors. If this valuation is confirmed, the repayment of all creditors could be facilitated, thus offering a more serene future for the cryptocurrency exchange platform in difficulty.
