FTX Sells $600M in Grayscale Bitcoin ETF Shares
The FTX estate has reportedly divested the majority of its holdings in the recently transformed Grayscale bitcoin ETF.
This sale, which was reported by Bloomberg based on information from reliable sources, involved Marex Capital selling a majority of the 22 million shares previously owned by FTX. According to court documents filed last year, FTX’s ownership was confirmed at 22.28 million shares.
The transaction, valued at approximately $38 per share, resulted in a total of around $600 million, according to the reports. John Hoffman, the Managing Director of Sales & Distribution at Grayscale, commented on the broader use of large capital markets ETFs and expressed confidence that the diverse shareholder base of GBTC would continue deploying various investing strategies affecting inflows and outflows.
Notably, Grayscale’s fund underwent conversion to a Bitcoin ETF nearly two weeks ago following the Securities and Exchange Commission’s approval for several firms to launch spot Bitcoin ETFs. The conversion, which added to GBTC’s existing assets under management of approximately $23 billion, has set it apart from recently launched funds like BlackRock’s spot Bitcoin ETFs.
READ MORE: Grayscale Dumps $2.14 Billion in Bitcoin Holdings
Reports suggest a significant outflow of nearly a billion dollars from GBTC in the past week alone, contributing to Grayscale’s total fund outflows of $2.2 billion. Despite this, data from CoinShares indicates that rivals BlackRock and Fidelity Investments have experienced notable inflows of $931 million and $860 million, respectively, resulting in both funds surpassing the $1 billion assets mark.
It’s worth noting that FTX received court approval in November to sell assets, including shares of Grayscale’s fund. The court document at the time authorized the debtors to execute sales of the Trust Assets at their reasonable business judgment.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
