2022 was a year that witnessed the collapse of many prominent brands in the cryptocurrency markets. Companies like Terra, Celsius, and Voyager are now a thing of the past. The biggest of these bankruptcies was that of FTX, which fell apart due to unauthorized and arbitrary use of customer assets. Now, the company has been granted permission to sell the remaining assets worth 744 million dollars.
FTX, once the world’s second-largest cryptocurrency exchange, has received permission to sell assets worth $744 million consisting of Grayscale products. The company holds significant amounts of assets like GBTC, ETHE, ETCG, and LTCN. These assets were issued by Grayscale to allow institutional investors to enter cryptocurrencies through trust vehicles.
In the event of no significant increase in institutional demand, the sale of these assets could lead to a decrease in their sale prices, as well as fluctuations in the spot pair prices. The list of assets at our disposal is as follows;
- Bitcoin Trust (GBTC) $597 Million
- Ethereum Trust (ETHE) $87 Million
- BITW $53 Million
- Litecoin Trust $2 Million
- ETC Trust $3 Million
- GDLC $2 Million
Following the news, the Bitcoin price is finding buyers at the level of $37,750.
- FTX’s asset sale raises significant questions.
- $744 million worth of Grayscale products to be sold.
- Institutional demand could affect asset prices.