Amidst the aftermath of FTX founder Sam Bankman-Fried's trial and the lingering uncertainties surrounding the FTX bankruptcy proceedings, the latest development from the FTX estate, under the stewardship of CEO John Ray III, sheds light on the company's strategic maneuvers.

In a move outlined in the firm's recent bankruptcy filings, FTX has divested its remaining shares in Anthropic, the AI startup famed for its chatbot Claude. The sale, which saw FTX part ways with its remaining 15 million shares at an approximate price of $30 each, raked in proceeds exceeding $450 million. This transaction brings the total windfall from FTX's initial $500 million investment in Anthropic to a staggering $1.3 billion, resulting in a substantial profit of approximately $800 million. Notably, the per-share price for this latest sale mirrors that of the initial sale conducted in March.

The bulk of this transaction was secured by global venture capital behemoth G Squared, which acquired approximately one-third of the remaining shares, totaling 4.5 million, for a sum of $135 million. Other buyers in this round predominantly comprised venture capital funds, underscoring continued investor confidence in Anthropic's potential.

A Soaring Price Tag on Bankruptcy

In parallel with FTX's asset reallocation, the escalating costs associated with the FTX bankruptcy have now surpassed a staggering $500 million, as reported by The Block.

FTX creditors have raised concerns regarding potential conflicts of interest, particularly with Sullivan and Cromwell, the primary law firm overseeing FTX's bankruptcy proceedings. Notably, this firm had previously represented FTX prior to its bankruptcy filing, prompting the appointment of an independent examiner and sparking a class-action lawsuit. Recent scrutiny has intensified following revelations that law firms have billed hundreds of millions of dollars in fees for handling bankruptcies within the crypto sector, as highlighted by an analysis conducted by the New York Times.

On the internal front, FTX CEO John Ray's billing to the estate has amounted to $5.6 million, in accordance with his hourly rate of $1,300, since the onset of the case. Despite these mounting costs, the estate remains committed to repaying 98% of its creditors at least 118% of allowed claims, benchmarked against the dollar value at the time of the exchange's bankruptcy filing.

As the intricacies of FTX's bankruptcy proceedings continue to unfold, the market watches with bated breath, grappling with the multifaceted implications of these developments on both the company's future trajectory and the broader crypto landscape.