FTX Gets Court Approval to Sell $744M Worth of Grayscale, Bitwise Trust Assets

The FTX estate was granted approval to sell its trust assets, including shares of Grayscale and Bitwise investment funds worth roughly $744 million, according to a New York bankruptcy court document filed on Friday.

“The debtors are authorized, but not directed, to execute sales of the trust assets, in their reasonable business judgment, in accordance with the following sale procedures,” the filing said.

FTX’s trust assets include shares in various Grayscale funds, including in Grayscale Bitcoin Trust (GBTC) and a Bitwise crypto index fund, with a combined value of $744 million as of October 25, according to a court document filed on Nov. 3.

FTX Gets Court Approval to Sell $744M Worth of Grayscale, Bitwise Trust Assets

The crypto exchange, once helmed by Sam Bankman-Fried, was one of the world’s largest trading platforms before it went bankrupt in November last year following a CoinDesk report revealing the shaky balance sheet of FTX sister trading firm Alameda Research.

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2023-11-30 02:01