Just got the latest scoop from Bloomberg! FTX got the green light from the court to kick off the sale of Grayscale assets worth a whopping $744 million.
So, here’s the breakdown: FTX had a chunk of Grayscale’s stash, including $597 million in Bitcoin (GBTC), $87 million in Ethereum (ETHE), $53 million in BITW holding various cryptos like BTC, ETH, XRP, SOL, ADA, LINK, MATIC, DOT, LTC, and BCH, $3 million in Ethereum Classic (ETCG), $2 million in Litecoin (LTCN), and another $2 million in the Grayscale Digital Large Cap Trust for other top cryptocurrencies.
Initially, the news of selling that massive $597 million Bitcoin product gave BTC a slight dip to $37,600. But overall, FTX’s approval to sell didn’t shake up the BTC price much.
The court docs say FTX will sell off these assets smartly to get the best value without rocking the boat of market prices.
Hey, kudos to the new management at FTX! They’ve recovered about $7 billion worth of assets from their bankruptcy mess, and a whopping $3.4 billion comes from crypto assets alone.