tl;dr
FTX, a defunct crypto exchange, has reportedly sold off its stake in Grayscale Bitcoin Trust (GBTC), effectively reducing its ownership to zero. This sale followed GBTC’s transformation into a spot exchange-traded fund and Grayscale’s victory against the US SEC. FTX’s divestment from GBTC coincides ...
FTX, a defunct crypto exchange, has reportedly sold off its stake in Grayscale Bitcoin Trust (GBTC), effectively reducing its ownership to zero. This sale followed GBTC’s transformation into a spot exchange-traded fund and Grayscale’s victory against the US SEC. FTX’s divestment from GBTC coincides with a broader downturn in the Bitcoin market, as BTC's value has experienced a significant decline. Additionally, the legal saga involving Sam Bankman Fried (SBF), the founder of FTX, and his family continues to unfold, with SBF’s parents filing a motion to dismiss an adversary complaint against them from FTX’s debtors.
FTX, a now-defunct crypto exchange, has reportedly sold off its stake in Grayscale Bitcoin Trust (GBTC). Recent reports indicate that FTX liquidated approximately 22 million shares, valued at nearly $1 billion, effectively reducing its GBTC ownership to zero. This massive sale emerges after GBTC’s transformation into a spot exchange-traded fund (ETF ), marking a pivotal moment in the defunct crypto exchange’s strategic maneuvers. Grayscale’s conversion of its Bitcoin trust into a spot ETF, which now stands as the world’s largest Bitcoin ETF, was a landmark event in the crypto sphere. This significant shift followed Grayscale’s victory against the US SEC, allowing the conversion last year. However, this transition has not been without its challenges, as GBTC witnessed outflows surpassing $2 billion since its conversion, hinting at a turbulent phase in the ETF market.
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