Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware to allow it to sell certain key trust funds, including assets from crypto asset manager Grayscale and custody service provider Bitwise valued at around $744 million.
In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell Trust assets as it will make way for the firm to prepare for “forthcoming dollarized distributions to creditors.”
These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued at $691 million. These crypto trusts act as an onboarding tool for many and allow investors to gain crypto exposure without owning one.
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