Sam Altman’s OpenAI allows its employees to sell shares valued at $1.5 billion to SoftBank, leading to signs of recovery in AI coins.
On Wednesday, OpenAI secured a significant $1.5 billion investment through a new tender offer, allowing its employees to sell shares to SoftBank.
This move has positioned the Japanese multinational investment firm as a key stakeholder in OpenAI.
The booming AI sector has led market observers to speculate whether AI-focused cryptocurrencies could see a similar positive impact.
OpenAI Employees to Sell $1.5B in Shares to SoftBank
According to a CNBC report from November 27, OpenAI has allowed its employees to sell shares worth $1.5 billion to SoftBank as part of a new tender offer.
A tender offer is a proposal where an entity offers to buy shares from existing shareholders. This offer could make SoftBank one of the largest stakeholders in OpenAI.
Former and current employees of the firm, backed by Sam Altman, are now able to sell their shares, creating a notable opportunity for them.
Employees have until December 24 to decide whether to participate in the tender offer. The deal was introduced through SoftBank CEO Masayoshi Son, who previously invested $500 million in OpenAI during its last funding round.
Sources from CNBC also noted that this tender offer is not connected to OpenAI’s plans to transition into a “for-profit organization.”
Recently, OpenAI’s valuation surged to $157 billion after securing $6.6 billion in funding, according to reports from CoinGape Media.
However, both OpenAI and SoftBank have refrained from commenting on these developments, generating significant curiosity in the market.
AI Coins Anticipate Growth?
Amidst ongoing corrections in the broader crypto market, some AI-related cryptocurrencies like Injective (INJ), NEAR, TAO, and RENDER have experienced price increases, fueling speculation among investors.
Many are optimistic about the potential for further gains, particularly with a positive outlook for Q4 following the U.S. elections.
At the time of reporting, the price of Near Protocol rose by 3% in the past 24 hours to $6.64, with a weekly increase of 18%, boosting optimism about future gains tied to the AI sector.
Internet Computer (ICP) also saw a 1% rise, trading at $11.46, with a 24-hour range between $10.72 and $11.59.
ICP’s price surged by 24% over the week, suggesting potential for continued upward movement as the broader market recovers.
Bittensor (TAO) saw a 3% intraday gain, reaching $558, with a 20% increase over the past week. In contrast, RENDER experienced a slight dip, falling 4% to $7.46, with a 24-hour range of $7.13 to $7.75.
Crypto enthusiasts remain keenly focused on AI coins as the sector continues to progress, especially in light of the major $1.5 billion investment by SoftBank.
