Million

The bankrupt crypto exchange FTX, along with its debtors, has submitted a request to the U.S. bankruptcy court in Delaware.  
They are seeking approval to sell trust assets that include funds from Grayscale and Bitwise, valued at an estimated $744 million.  
The sale is proposed to be carried out with the assistance of an investment adviser, as outlined in a court filing made on Friday.  
According to the filing, the sale or transfer of these trust assets is intended to help prepare the estates for forthcoming distributions in dollars to creditors.  
It also aims to provide FTX with the flexibility to act swiftly when the right opportunity arises for selling these trust assets.  
The filing highlighted that the use of sale procedures would avoid the need to file separate motions for each proposed sale.  
FTX was once among the world's largest cryptocurrency exchanges until it filed for bankruptcy in November of the previous year.  
Notably, FTX's founder, Sam Bankman-Fried, was recently found guilty of defrauding both customers and lenders, as determined by a jury.  
A tentative sentencing date has been set for March 28, 2024. While the potential maximum sentence could be 115 years in prison, experts suggest that the realistic term might be between 15 and 20 years.  
The trust assets in question are held in five Grayscale Trusts, with a combined estimated value of $691 million, and one trust managed by Bitwise, amounting to $53 million.  
The valuation is based on the market value as of October 25, 2023. These trusts offer investors a way to gain exposure to digital assets without directly owning them.  
The filing explained that the debtors believe that proactively mitigating the risk of price fluctuations will be the best strategy to protect the value of the trust assets.  
This approach aims to maximize returns for creditors and ensure an equitable distribution of funds in the debtor's plan of reorganization. 
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FTX Considers Liquidating $744 Million in Grayscale and Bitwise Holdings

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