Bitcoin

Grayscale Bitcoin Trust

FTX, the defunct crypto exchange, has been granted approval by a Delaware bankruptcy court to begin liquidation of its trust assets. The sale of this hidden treasure chest will help FTX secure about $873 million after the sale of assets. The court shed light on the careful considerations underlying this decisive move. 
The debtors are authorized, but not directed, to execute sales of the trust assets, in their reasonable business judgment, in accordance with the following sale proceduresThe court document declared What are the assets in the FTX Estate ? 
Within FTX’s high value trust assets lies a considerable stake in Grayscale funds, notably the Grayscale Bitcoin Trust (GBTC). It also has a Bitwise crypto index fund. 
Recent market dynamics have propelled the trusts value to a jaw-dropping $873 million after it was initially valued at $744 million as of October 25. This surge can be attributed to the narrowing discount of GBTC to its net asset value. It id catalyzed by the ongoing rally in Bitcoin’s prices over the past month. 
The ripple effect is expected to resonate throughout the crypto sector. It is influencing market dynamics and shaping investor sentiment. 
Before going bankrupt in November of last year due to a story exposing the precarious balance sheet of FTX sibling trading firm Alameda Research. the cryptocurrency exchange, l was originally led by Sam Bankman-Fried and was among the biggest trading platforms in the world. 
Recently, Sam Bankman-Fried was found guilty on all seven criminal counts against him. But, recent news of <a href="https://news.todayq.com/ftt-soars-over-85-amid-potential-ftx-revival/">FTX’s revival</a> has captured everyone’s attention. 
During a recent talk with local media at revived FTX could work, but only if new leadership which would be in compliance with the law. 
This statement from the SEC chair came amid the potential acquisition of FTX by Tom Farley. Farley, former executive of the NYSE, is one of the top bidders wanting to purchase the bankrupt crypto exchange. 
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FTX granted approval to sell assets of its trust by Delaware court

Todayq News

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