tl;dr
The now-defunct cryptocurrency exchange FTX has sold off nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC) in a matter of days, securing approximately $600 million. The FTX estate rapidly offloaded over two-thirds of the 22.28 million shares it held, following a court approval to liquidate ove...
**Bullets:** - FTX rapidly offloaded millions of GBTC shares - The court approved the FTX estate to liquidate over $3.6 billion worth of assets - The United States Securities and Exchange Commission (SEC) greenlit the conversion of GBTC into a Bitcoin exchange-traded fund (ETF) - Grayscale’s GBTC owns approximately over 3% of all Bitcoin in circulation - GBTC shares net asset value narrows to 0% **Summary:** The now-defunct cryptocurrency exchange FTX has sold off nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC) in a matter of days, securing approximately $600 million. The FTX estate rapidly offloaded over two-thirds of the 22.28 million shares it held, following a court approval to liquidate over $3.6 billion worth of assets. The United States Securities and Exchange Commission (SEC) greenlit the conversion of GBTC into a Bitcoin exchange-traded fund (ETF), while Grayscale's GBTC owns over 3% of all Bitcoin in circulation. The now-defunct cryptocurrency exchange FTX has reportedly sold off nearly 75% of its Grayscale Bitcoin Trust Shares (GBTC) within a matter of days, according to recent reports. According to a recent report, the FTX estate recently sold over “two thirds” of the 22.28 million shares it held, which cited sources familiar with the matter. In September 2023, the court approved the FTX estate to liquidate over $3.6 billion worth of assets. While it has caused some fear among the crypto community how it will impact prices of those assets, it is needed to be done to repay victims of the exchange, which collapsed in November 2022. John Hoffman, the managing director of sales and distribution at Grayscale, expressed his belief that the volatility of GBTC will only persist in the near future. However, Grayscale’s GBTC has been around for almost a decade. It launched in 2013. This was originally only available on over-the-counter (OTC) markets. These are decentralized markets for stocks that aren’t listed on major exchanges. Meanwhile, the United States Securities and Exchange Commission (SEC) greenlit the conversion of GBTC into a Bitcoin exchange-traded fund (ETF). This came amid the approval of 11 spot Bitcoin ETF applications on Jan 10. However, according to Grayscale, the GBTC owns approximately over 3% of all Bitcoin in circulation. However, Grayscale Investments itself, recently sold Bitcoin (BTC) after converting its GBTC.
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