In a recent update reported by Bloomberg, FTX has obtained court authorization to initiate the sale of Grayscale assets totaling $744 million.
FTX held a total of $744 million in assets from Grayscale's portfolio, which included $597 million in Bitcoin product GBTC, $87 million in Ethereum product ETHE, $53 million in BITW containing BTC, ETH, XRP, SOL, ADA, LINK, MATIC, DOT, LTC, and BCH, $3 million in Ethereum Classic product ETCG, $2 million in LTCN holding Litecoin, and $2 million in the Grayscale Digital Large Cap Trust product, which encompasses various other high-value cryptocurrencies.
While the announcement of the sale of the substantial $597 million Bitcoin holdings initially led to a dip in BTC price to $37,600, overall, the cryptocurrency market was not significantly impacted by FTX's approval for asset liquidation.
According to court records, FTX is committed to selling these assets in a manner that maximizes their value while mitigating market price volatility.
Under the new management, FTX, a previously bankrupt company, has successfully recuperated approximately $7 billion in assets, with cryptocurrency assets accounting for $3.4 billion of this total.
