The FTX debtors have asked the court to approve the sale of $744 million in Grayscale and Bitwise assets, which will be used to pay down debt.
FTX's attorneys have asked the bankruptcy court to approve the sale of the trust assets of Grayscale and Bitwise, which are valued at $744 million. The Grayscale trusts have assets worth $691 million, and another $53 million is managed by Bitwise, according to Coincu.
Interested parties will be able to use the sale of these funds to prepare funds to pay creditors. This plan reduces the costs or delays associated with other options and allows for multiple sales to one or more buyers.
The court filing notes that consolidating the sales into a single proceeding will help reduce costs and simplify the asset sale process by eliminating the need to file separate motions for each sale.
This motion, filed by the FTX debtors on Friday, November 3, follows the court's previous approval of the liquidation of approximately $3.4 billion in cryptocurrency assets. The court ordered that these assets be sold in installments of $50 million and $100 million to avoid disruptive market sell-offs.
To ensure transparency, the debtors are proposing the creation of a pricing committee with representation from all stakeholders.
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