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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
