FTX Exchange plans to consistently sell its shares in Grayscale trusts in order to obtain the best price and minimize the impact on asset values. The management of the bankrupt FTX crypto exchange has received court permission to sell its stake in Grayscale trusts in order to raise funds to satisfy creditors.
According to court documents, FTX intends to sell shares of trusts gradually in order to maximize profits and not greatly affect the market prices of assets. As of the previous month, FTX's stake in Grayscale trusts was estimated at about $744 million.
Grayscale, founded in 2013, has developed a model for attracting cryptocurrency investments, providing accredited investors with the opportunity to purchase shares in trusts such as Grayscale Bitcoin Trust (GBTC), reflecting the value of digital assets. This allowed organizations that could not hold cryptocurrency directly to gain access to these assets.
It is important to note that FTX, once valued at $32 billion and ranked second in terms of trading volumes after Binance, faced financial difficulties and bankruptcy in November 2022 due to the exposure of the connection with the Alameda Research foundation and FTT tokens. The company is now seeking to return assets to creditors, including cryptocurrencies, and sell its shares in Grayscale trusts in order to restore its financial stability.
