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 Nearly $700 million of the $873 million trust assets allowed to be sold by FTX comes from Grayscale’s flagship product, the Grayscale Bitcoin Trust, or GBTC.
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<div class="cointelegraph">
 Bankrupt crypto <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> FTX has been given the green light to sell around $873 million of trust <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a>, with proceeds used to <a rel="noopener noreferrer nofollow" title="repay" href="https://thebittimes.com/tag/repay.html">repay</a> <a rel="noopener noreferrer nofollow" title="creditors" href="https://thebittimes.com/tag/creditors.html">creditors</a> impacted by the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>’s collapse in 2022, according to a Nov. 29 filing in a Delaware bankruptcy court.
 The $873 million in assets will be sourced from FTX’s stakes in various trusts issued by crypto asset manager Grayscale Investments, valued at $807 million, and custody service provider Bitwise — valued at $66 million.
 While the court document references a total of $744 million in <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> — this is due to the valuation figure being as of Oct. 25, 2023. The <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> have increased in value since.&nbsp;
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/30/df2bba9576f5673f1e07127580f65e82.webp">
 <figcaption style="text-align: center;">Order authorizing FTX Trading to sell trust assets. Source: Kroll
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 The approval comes nearly four weeks after FTX debtors filed a motion to Judge John Dorsey on Nov. 3 requesting the sale of the six cryptocurrency trusts — including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW).
 FTX currently owns over 22 million units of GBTC, Grayscale’s flagship Bitcoin product, now worth $691 million, while its 6.3 million shares of ETHE are now worth around $106 million.
 Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN) and Digital Large Cap Trust (GDLC) are the three other trusts that FTX can now sell to recoup funds for impacted FTX customers.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/30/80c808db9164a6c957a1e6b2b14f05d9.webp" alt="" title="">
 <figcaption style="text-align: center;">FTX's shares in Grayscale and Bitwise were worth $744 million as of Oct. 25, but the valued has increased since. Source: Kroll
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 FTX’s administrators, headed by John. J Ray III, has been working to recover assets since Sam Bankman-Fried’s former empire collapsed in November 2022.
 So far, around $7 billion in <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> has been recovered, with nearly half of that coming in the form of cryptocurrencies ($3.4 billion).
 In June, FTX’s debtors estimated the total amount of customer assets misappropriated was $8.7 billion.
 Related: FTX Foundation staffer fights for $275K bonus promised by SBF
 Meanwhile, Bankman-Fried was convicted on seven fraud-related charges on Nov. 2 and is set to be sentenced on March 28.
 He remains in Brooklyn’s Metropolitan Detention Center for the time being, where he recently paid four mackerels in exchange for a haircut.
 Magazine: Deposit risk: What do crypto exchanges really do with your money?
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-exchange-ftx-gets-nod-to-sell-873m-of-assets-to-repay-creditors-tbt72137.html">https://thebittimes.com/crypto-exchange-ftx-gets-nod-to-sell-873m-of-assets-to-repay-creditors-tbt72137.html</a>

Crypto exchange FTX gets nod to sell $873M of assets to repay creditors

TheBitTimes

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