TechFlow news — Court documents show that FTX and its debtors have requested approval from the U.S. Bankruptcy Court in Delaware to sell certain trust assets through an investment advisor. The assets, consisting of Grayscale and Bitwise funds, are valued at approximately $744 million. FTX's trust holdings include five Grayscale trusts totaling about $691 million and one trust managed by Bitwise worth $53 million, based on market prices as of October 25.
This move aims to prepare for future monetization distributions to creditors, enabling FTX to quickly sell these trust assets at appropriate times. Additionally, a pricing committee will be established to ensure representation from all stakeholders, reducing the costs and delays associated with selling each asset individually.
The filing states that the debtors believe actively mitigating price volatility risk will best preserve the value of the trust assets, maximize returns for creditors, and facilitate fair distribution of funds under the debtors’ restructuring plan.
