FTX received bankruptcy court approval to begin selling its stake in a digital trust managed by cryptocurrency firm Grayscale Investments to raise funds to repay creditors owed billions of dollars.
According to court documents, FTX plans to sell the assets in a manner that maximizes value and avoids disrupting the digital investment market. Grayscale sold investments related to various digital currencies. Instead of holding actual currency, the buyers received shares in a trust formed and managed by Grayscale.
FTX’s trust stake was worth about $744 million last month, according to statements in court filings. (Bloomberg)