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FTX wants to sell $744m worth of Grayscale, Bitwise assets
The $744 million trust asset sale request comes after the judge approved the phased-out sale of nearly $3.4 billion in crypto assets in September.
Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware allow it to sell certain key trust fund assets, including from crypto asset manager Grayscale Investments and custody service provider Bitwise, valued at around $744 million.
In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell trust assets to enable the firm to prepare for “forthcoming dollarized distributions to creditors.”
These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued at $691 million. The trusts act as an onboarding instrument for investors to gain crypto exposure without owning the assets.
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