FTX Wins Approval To Sell $873 Million Of Grayscale, Bitwise Assets

FTX has received approval from a bankruptcy court to start selling up to $873 million worth of assets in Grayscale and Bitwise investment trusts.

The Grayscale Bitcoin Trust accounts for $807 million of the assets, while custody service provider Bitwise accounts for the remaining $66 million. The approval came from a bankruptcy court in Delaware on November 29. The assets were originally worth $744 million, a court document shows, but have since appreciated.

FTX To Avoid Market Disruption

Court documents indicate that FTX will sell the assets in a way that not only maximizes the value but also avoids market disruption.

Interim CEO, John Ray III, who took the reins after Sam Bankman-Fried was ousted, has been spearheading the asset recovery efforts since November 2022. Up to $7 billion worth of assets have been recovered, out of which $3.4 billion (48.5%) comprise crypto.

Bankman-Fried has been accused of misappropriating customer assets worth almost $9 billion.

Also Read:

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