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Nearly $1B Worth of Grayscale Spot Bitcoin ETF Shares Sold by FTX

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Key Points

  • Bankrupt cryptocurrency exchange FTX sold nearly $1 billion worth of shares in Grayscale bitcoin fund since it converted to a spot ETF, according to CoinDesk, which cited anonymous sources.
  • Grayscale’s spot bitcoin ETF has led all others in trading volume, with $2.8 billion worth of outflows.

CryptoCaster Quick Check:

Since Grayscale’s GTBC fund started trading as a spot bitcoin ETF recently, the defunct cryptocurrency exchange FTX has sold shares worth close to $1 billion, according to CoinDesk, which cited “private data” and anonymous sources.

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The spot bitcoin ETF offered by Grayscale has outperformed other funds in terms of trading volume, largely due to withdrawals. According to Yahoo Finance data compiled by The Block, as of Friday, Grayscale’s fund had represented roughly 54% of trading volume since the new crypto-based ETFs started trading earlier this month.

Grayscale’s fund has lost $2.8 billion since trading started, according to data released over the weekend by Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

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As part of the ongoing bankruptcy proceedings for the defunct cryptocurrency exchange, Grayscale, FTX is selling off shares of its ETF, according to CoinDesk. Additionally, the bankruptcy estate stated in its report that FTX sold all 22 million of its shares.

FTX Creditors Aim to Recover Assets

A Delaware bankruptcy court allowed FTX Trading and related debtors to begin selling their Grayscale shares at the end of November. At the time, FTX was worth $597 million, holding roughly 22 million shares of Grayscale’s flagship bitcoin fund.

In November 2022, FTX declared bankruptcy. Through the sale of assets like the Grayscale shares, the exchange’s creditors—among them, individual clients—hope to recover losses.

As of 10:58 a.m. ET, the price of bitcoin has dropped from approximately $49,000, when the spot bitcoin ETFs started trading, to less than $41,000.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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