The estate of the now-defunct cryptocurrency exchange FTX has announced plans to sell two-thirds of its stake in the AI company Anthropic, as detailed in recent court documents.

This sale, amounting to $884 million, involves 29.5 million shares being distributed among 24 different buyers. Abu Dhabi-based ATIC Third International Investment is leading this group with a whopping $500 million investment for 16.6 million shares.

Jane Street and Fidelity Among Buyers: Notably, Jane Street, where FTX's founder Sam Bankman-Fried once worked, is investing $100 million for 3.3 million shares.

Additionally, funds managed by Fidelity are set to spend $50 million on acquiring 1.5 million shares. The completion of these transactions is pending court approval, a crucial step in the bankruptcy process.

A Look Back: FTX's involvement with Anthropic dates back three years when it purchased shares worth $500 million in the AI startup.

At that time, the 8% stake acquired was a significant investment into what was then a high-profile startup. Today, this stake is valued at over $1 billion, showcasing the substantial appreciation in value over a short period.

"The funds from the sale will be used to help reimburse clients who lost money after the cryptocurrency exchange went bankrupt."

The Road to Reimbursement: This sale is a pivotal move in FTX's bankruptcy proceedings, aiming to generate funds to reimburse the clients and creditors affected by the exchange's abrupt downfall.

The collapse of FTX sent shockwaves through the crypto community, highlighting the volatile nature of the industry and the need for stringent oversight.