Crypto exchange FTX gets nod to sell $873M of assets to repay creditors

Bankrupt crypto exchange FTX has been given the green light to offer around $873 million of trust properties, with profits used to pay back creditors affected by the exchanges collapse in 2022, according to a Nov. 29 filing in a Delaware insolvency court.The $873 million in possessions will be sourced from FTXs stakes in numerous trusts released by crypto possession supervisor Grayscale Investments, valued at $807 million, and custody service provider Bitwise– valued at $66 million. Source: KrollThe approval comes almost 4 weeks after FTX debtors filed a motion to Judge John Dorsey on Nov. 3 asking for the sale of the six cryptocurrency trusts– including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW). FTX presently owns over 22 million units of GBTC, Grayscales flagship Bitcoin product, now worth $691 million, while its 6.3 million shares of ETHE are now worth around $106 million.Grayscales Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN) and Digital Large Cap Trust (GDLC) are the three other trusts that FTX can now sell to recoup funds for affected FTX customers.FTXs shares in Grayscale and Bitwise were worth $744 million as of Oct. 25, however the valued has actually increased given that.