FTX, a bankrupt crypto exchange has requested the bankruptcy court in Delaware allow it to sell certain key trust fund assets. This is also expected to include Grayscale Investments, a crypto asset manager and Bitwise, a custody service provider, valued at around $744 million, stated Cointelegraph.
With insights from a court filing dated November 3, 2023, FTX debtors requested the court to allow them to sell trust assets to enable the firm to prepare for “forthcoming dollarised distributions to creditors,” Cointelegraph added.
“The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximising the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of re-organisation,” Cointelegraph explained.
The FTX debtors are expected to have requested that an investment adviser should approve the sale of trust assets and sale procedures. Furthermore, they also proposed a pricing committee represented by the stakeholders to be part of the sale procedure, Cointelegraph concluded.
(With insights from Cointelegraph)
