According to Thomas Braziel, a partner at 117Partners who specializes in FTX claims, the valuation of some FTX claims over-the-counter transactions has exceeded 50%, indicating that the market currently expects that about half of user assets will be recovered.
On Friday, a bond worth more than $20 million sold at auction for about 52% of the price, but only the largest and cleanest bonds fetched that price.
Enthusiasm surrounding the value of FTX’s claims has grown since artificial intelligence company Anthropic recently announced a number of large investments.
FTX holds a large stake because it invested US$500 million in Anthropic, and Anthropic’s valuation gradually increased during the year. Creditors hope that the sale of Anthropic shares will help return funds to creditors, making full recovery possible.
In a social media poll in January, a majority of respondents said they expected to recover only 25% of their funds.
FTX debtors, led by current FTX CEO John Ray III, have since attempted to recover their funds, beginning to sell tokens and liquidate other assets.