Cryptocurrency exchange FTX and investment company Alameda Research made three different asset transfers worth $3.66 million in the last 24 hours, which led to speculation in the cryptocurrency market. Although the motivation behind these moves is not fully known, there are different perspectives. Here are the transfers for TON coin and Ethereum…
FTX sent TON coin and those cryptos to exchanges
Since October 24, FTX has disposed of a total of 92 different tokens. Thus, it achieved sales of 713 million dollars. These sales took place on many different blockchain platforms such as Ethereum, Solana and Avalanche. Some analysts suggest that FTX and Alameda may be selling assets to meet liquidity needs. The cryptocurrency market has been quite volatile lately. So this situation increases liquidity risk. Therefore, it is considered a logical move for companies to dispose of their assets in order to avoid any possible trouble.
Some of the tokens that FTX and Alameda disposed of have experienced a significant increase in value recently. Therefore, it is also possible that companies are selling these tokens to make a profit. However, these asset transfers have also raised concerns among some investors. Some argue that these moves will lead to a selling wave in altcoins. Still, this move is necessary for FTX to pay creditors. Time will tell what impact the major transfers from FTX and Alameda will have on the crypto market.
Exit from Antropic stock
Meanwhile, FTX is seeking approval to sell its 8% stake in artificial intelligence startup Anthropic Holdings. The motion submitted by FTX’s current CEO, John Ray III, requests permission to sell shares. Two possible procedures are also suggested, including auction or private sale. FTX aims to speed up the negotiation process by requesting a shortened period for voicing objections, with a court hearing scheduled for February 22. The exact price sought for Anthropic shares was omitted from the filing as FTX’s legal team believed that public disclosure could hinder the potential for receiving higher bids for the stock.
Anthropic Holdings achieved a valuation of up to $18 billion in December 2023. This suggests that FTX’s 7.84% stake could be worth approximately $1.4 billion. FTX expects to have sufficient funds to repay all customer and creditor claims in full. So, this value created hope among the victims of the FTX crash. The sale of shares in Anthropic Holdings represents a significant opportunity for FTX to raise funds and meet its financial obligations. By disposing of this illiquid asset, FTX aims to maximize returns for its stakeholders and fulfill its commitments to customers and creditors.
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