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FTX Trading Ltd. is looking to sell Grayscale and Bitwise Trust assets for $744 million. The fallen crypto exchange firm already filed a request for approval to do so.
As per CoinTelegraph, FTX’s plan to sell Grayscale and Bitwise assets was revealed through a court filing last week. In the documents, the company’s debtors are asking the court to allow them to sell the said trust assets to allow the company to get ready for the impending “dollarized distributions to creditors.”
The Filing of the Sale Request
The trust assets are reportedly stored in one Bitwise trust valued at $53 million and five Grayscale trusts worth $691 million. The total amount of the trust assets being requested for sale is $744 million and this request comes after the judge agreed to the phased-out sale of almost $3.4 billion in crypto assets two months ago.
It was reported that FTX made the filing at the bankruptcy court in Delaware. At any rate, the Bitwise and Grayscale trusts serve as an onboarding tool for investors to get crypto exposure without owning the assets.
“The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets,” part of FTX’s court filing reads. “Thereby, maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.”
Why FTX Proposed the Sale of Bitwise and Grayscale Assets
Bitcoinist reported that the sale of the said trusts is to be carried out through an investment advisor to shield the now-defunct cryptocurrency exchange from any possible price fluctuations. This arrangement will also augment the estate’s value while facilitating the forthcoming distributions to creditors.
Moreover, to recoup assets and funds, under the guidance of CEO John Ray III, FTX filed a new request with the bankruptcy court. The company is now hoping for approval for the sale of trust assets held by the Grayscale digital asset manager and Bitwise crypto index fund manager.
Photo by: Mariia Shalabaieva/Unsplash
