Super Micro Employees Detained in Taiwan AI Server Export Investigation 
SoftBank Eyes Up to $25B OpenAI Investment Amid AI Boom 
Why your retirement fund might soon include cryptocurrency 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Why the Middle East is being left behind by global climate finance plans 
Apple Downgraded by Jefferies Amid Weak iPhone Sales and AI Concerns 
Samsung to Invest $90 Billion in South Korea to Expand AI Chip, Display, and Battery Production 
UK Markets Face Rising Volatility as Hedge Funds Target Pound and Gilts 
Tesla Q2 Deliveries Lift Chinese Auto Suppliers as EV Demand Improves 
Gold Prices Rise as Markets Await Trump’s Policy Announcements 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
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
