According to the last minute development shared by Bloomberg, FTX received court approval to start the sale of Grayscale assets worth $ 744 million.
FTX had a total of $744 million in asset manager Grayscale’s products. Of these, 597 million dollars are Bitcoin product GBTC, 87 million dollars are Ethereum product ETHE, 53 million dollars are BITW holding BTC, ETH, XRP, SOL, ADA, LINK, MATIC, DOT, LTC and BCH, 3 million dollars are Ethereum Classic product ETCG, 2 million. USD was in the LTCN product, which holds Litecoin, and USD 2 million was in the Grayscale Digital Large Cap Trust product, which holds other large market value cryptocurrencies.
Although the news of the sale of the huge $597 million Bitcoin product initially reduced the BTC price to $37,600, the BTC price in general was not seriously affected by FTX’s sale approval.
According to court documents, FTX will sell the assets in question in a way that maximizes their value and does not cause price volatility in the market.
The new management of the bankrupt company FTX has so far managed to recover approximately $7 billion worth of assets, $3.4 billion of which is in cryptocurrency assets.
*This is not investment advice.
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