Foreign media: After the ETF was approved, FTX has sold approximately $1 billion of Grayscale Bitcoin ETF

ChainCatcher news, according to CoinDesk, since the Grayscale Bitcoin Trust (GBTC) converted to an exchange-traded fund (ETF) earlier this month, investors have sold off over $2 billion in funds.

According to private data reviewed by CoinDesk and two insiders, a significant portion of this was due to the liquidation sale of 22 million shares of FTX's bankrupt assets, which were valued at nearly $1 billion, bringing FTX's GBTC ownership down to zero. Theoretically, since FTX has completed a large amount of selling, the selling pressure may ease, as bankruptcy liquidation is a relatively unique event. Like many large crypto trading entities, FTX took advantage of the price discrepancy between Grayscale trust shares and the net asset value of the underlying Bitcoin assets in the fund.

According to a document dated November 3, 2023, as of October 25, 2023, FTX held 22.3 million GBTC shares, valued at $597 million. On the first day of trading for the Grayscale Bitcoin ETF on NYSE Arca on January 11, the value of FTX's GBTC holdings rose to around $900 million, with a closing price of $40.69. The document shows that FTX held shares of five Grayscale trusts (and nearly 3 million shares of a fiat trust managed by ETF provider Bitwise) in a brokerage account at ED&F Man Capital Markets, now renamed Marex Capital Markets Inc.

ChainCatcher previously reported that Alameda Research has withdrawn its lawsuit against Grayscale.