The saga of FTX's bankruptcy continues to unfold even as the trial of its founder, Sam Bankman-Fried, concludes pending an appeal. The latest development from the FTX estate, under the leadership of CEO John Ray III, involves the sale of the company's remaining shares in Anthropic, an AI startup known for its chatbot Claude.

According to recent bankruptcy filings, FTX has divested its last 15 million Anthropic shares at approximately $30 per share, resulting in proceeds exceeding $450 million. This sale, combined with previous transactions, has transformed FTX's initial $500 million investment in Anthropic into a substantial $1.3 billion return, yielding a profit of around $800 million. Notably, the price per share in this second sale matched the price from the first sale in March.

In this latest round, the global venture capital fund G Squared emerged as a major buyer, acquiring 4.5 million shares for $135 million, constituting roughly one-third of the total shares sold. The remainder of the shares were purchased by a mix of other venture capital funds, totaling 20 buyers.

Escalating Costs of FTX Bankruptcy

The financial burden of the FTX bankruptcy has now surpassed $500 million in legal and administrative fees, as reported by The Block. This exorbitant cost has been a point of contention among FTX creditors, who have expressed concerns about potential conflicts of interest. Sullivan and Cromwell, the primary law firm managing the bankruptcy, previously represented FTX before its collapse. This dual role has prompted the appointment of an independent examiner and sparked a class-action lawsuit.

An analysis by the New York Times highlights the staggering legal fees associated with crypto company bankruptcies, amounting to hundreds of millions of dollars. FTX CEO John Ray has personally billed the estate $5.6 million, with his hourly rate set at $1,300 since the case's inception.

Despite these costs, the FTX estate remains committed to compensating its creditors. The estate plans to repay 98% of its creditors at least 118% of their allowed claims, based on the dollar value at the time FTX filed for bankruptcy. This ambitious repayment plan underscores the ongoing efforts to navigate the complex and costly bankruptcy proceedings while striving to address the concerns and losses of the creditors.