FTX seeks court approval to sell $744 million of Grayscale and Bitwise trust assets

Court documents show that FTX and its debtors have requested the U.S. Bankruptcy Court of Delaware to approve the sale of some of the trust assets, namely Grayscale and Bitwise fund shares, through investment advisors, with a total value expected to be $744 million. According to the market price on October 25, FTX "trust assets" involve five Grayscale trusts, totaling approximately US$691 million; and a trust managed by Bitwise, with an amount of US$53 million. According to court documents, the move is intended to prepare creditors for upcoming monetization distributions and allow FTX to quickly sell these trust assets when the time is right. Additionally, all stakeholders will be represented through the establishment of a pricing committee, mitigating the costs and delays associated with selling each asset individually. The filing states that the Debtors believe that aggressively reducing the risk of price fluctuations will best protect the value of the trust assets, thereby maximizing returns to creditors and promoting the equitable distribution of funds in the Debtors' reorganization plan. (CoinDesk)