Recently, the Delaware court approved FTX's proposal to sell the trust assets of Grayscale and Bitwise, with a total current value of up to 873 million USD. This decision was made 1 month after the FTX exchange submitted documents for court approval.
Previously in the application, the value of trust assets and treasury shares of Grayscale and Bitwise Trust was about 744 million USD, but has now increased to 873 million USD and is likely to continue to increase in the near future.
In FTX's list of assets, Grayscale's Bitcoin Trust (GBTC) accounts for the majority with a value of up to 597 million USD. Next is Grayscale's Ethereum Trust (ETHE), reaching $87 million.
FTX will conduct the sale of trust assets through the support of Galaxy Digital, a leading partner in the field of cryptocurrency custody in the US. Galaxy Digital will also accompany FTX in the process of liquidating 3.4 billion USD worth of cryptocurrency, with a payment limit of 100 million USD per week.
Trust products from financial institutions like Grayscale and Bitwise are designed to help investors access the world of cryptocurrency without directly owning the asset. Therefore, this process of selling treasury shares is XEM not to have as big an impact as the direct sale of cryptocurrency.
Meanwhile, FTX is still actively pushing its Cryptoasset to the exchange. It is unclear what the purpose of this action is, but it is likely that FTX is about to sell the above Token .
As Allinstation reported, on September 14, FTX was approved for a plan to sell billions of dollars in cryptocurrencies that the exchange owns, in order to collect real money to pay off debt.
Based on documents filed with a US bankruptcy court on September 11, as of August 31, 2023, FTX holds a total of $3.4 billion in Class A cryptocurrencies, defined as having a high liquidation .
Specifically, the list of type A cryptocurrencies includes:
- 1,162 billion USD in Solana (SOL)
- 560 million USD in Bitcoin (BTC)
- 192 million USD in Ethereum (ETH)
- 137 million USD in Aptos (APT)
- 120 million USD in Tether (USDT)
- 119 million USD in XRP (XRP)
- 49 million USD in BitDAO coins (Bit)
- 46 million USD Stargate coin (STG)
- 41 million USD Wrapped Bitcoin (WBTC)
- 37 million USD Wrapped Ethereum (WETH)
In addition, FTX also owns about 900 million USD in type B Token , defined as having low liquidation . Among these are prominent names such as Serum (SRM), Blur (BLUR), Polkastarter (POLS), Maps.me (MAPS), Oxygen (OXY), Bonfida (FIDA)…
