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## Defunct Cryptocurrency Exchange FTX Sells Nearly $1 Billion Worth of Grayscale Shares

The defunct cryptocurrency exchange FTX has reportedly sold almost $1 billion worth of shares in Grayscale’s GTBC fund since the instrument began trading as a spot bitcoin ETF. This information comes from CoinDesk, which cites “private data” and anonymous sources. Grayscale’s spot bitcoin ETF has outperformed rival funds in terms of trading volume, with a significant portion of that volume being attributed to outflows. Additionally, Grayscale’s fund accounted for about 54% of trading volume since the new crypto-based ETFs began trading earlier this month, according to Yahoo Finance data compiled by The Block. Bloomberg Intelligence senior ETF analyst Eric Balchunas also posted data showing that Grayscale’s fund had shed $2.8 billion in trading volume.

## FTX’s Bankruptcy and the Sale of Grayscale Shares

The sale of shares in Grayscale’s ETF by FTX is part of the failed cryptocurrency exchange’s ongoing bankruptcy proceedings. According to CoinDesk, the bankruptcy estate sold all 22 million shares in FTX’s possession. FTX had filed for bankruptcy in November 2022, and at the end of November, a Delaware bankruptcy court ruled that FTX Trading and affiliated debtors could start selling its Grayscale shares. This decision was made because creditors of the exchange, including individual clients, are hoping to recoup losses through the sale of assets like the Grayscale shares.

The price of bitcoin has also seen a significant decrease, dropping from nearly $49,000 when the spot bitcoin ETFs began trading to less than $41,000.

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