FTX Plans to Sell Trust Assets
According to a Delaware bankruptcy court document, FTX is seeking to sell its shares in Grayscale and Bitwise investment funds for a combined total of $873 million. The court has given Galaxy, a crypto investment firm, the authority to assist FTX in selling these trust assets. Earlier this year, Galaxy was enlisted to oversee FTX’s digital asset holdings.
FTX’s trust assets, which include shares in various Grayscale funds and a Bitwise crypto index fund, were valued at $744 million as of October 25. However, recent calculations suggest that their value may have increased to around $873 million due to the rise in cryptocurrency prices.
Selling these assets could help FTX reopen the exchange known as FTX 2.0. The new administration plans to relaunch the exchange in the first quarter of 2024.
Investors Eyeing FTT Token
Amid recent developments involving Binance, investors have turned their attention to FTX’s native cryptocurrency, FTT. The FTT token saw significant gains last week, and whale accumulation continues.
Currently, the FTT token is trading at $4.04, and the top ten wallets hold tokens valued at $12.8 million. CoinGecko data shows that over 55% of the community expresses optimism about the future of FTT. In the past month, the price of FTT has surged by 235% and surpassed important resistance levels from a technical perspective.
Hot Take: FTX Aims for Recovery with Trust Asset Sale
FTX’s decision to sell its trust assets worth $873 million is part of its efforts to recover from its previous financial struggles. By liquidating these assets, FTX hopes to reopen its exchange and regain its position as one of the world’s largest trading platforms. The sale of trust assets could provide the necessary funds to support the relaunch of FTX 2.0 in early 2024. Additionally, investors are closely watching FTX’s native cryptocurrency, FTT, which has seen significant growth recently. With bullish momentum and positive indicators, FTT holds promise for the future.
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