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FTX Debt Recovery: Court Approves Sale of Grayscale Assets Worth $873M Now
A Delaware bankruptcy court has granted FTX’s administrators permission to sell the defunct exchange’s trust assets. The approval comes about four weeks after the administrators filed a motion requesting the sale of the assets as part of their debt recovery efforts.
FTX holds an estimated 32 million total shares in five Grayscale trusts and the Bitwise 10 Crypto Index Fund. Selling these will help creditors recover some more of their lost funds. Just a few weeks ago, the assets were worth $744 million. Now, the investment fund is worth roughly $873 million
“The debtors are authorized, but not directed, to execute sales of the trust assets, in their reasonable business judgment,” the filing said. The court also granted crypto investment firm Galaxy permission to assist FTX in the sales of its trust assets.
Following the court announcement, the FTX token (FTT) jumped by 8% to trade at $4.26
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