FTX Sold More than Two-thirds of its Grayscale Bitcoin Trust Shares

Reported by Cointelegraph, the estate for failed crypto exchange FTX and hedge fund Alameda Research has sold more than two-thirds of its Grayscale Bitcoin Trust (GBTC) shares, according to a Jan. 22 report from Bloomberg.

The report claims that the FTX estate held 22.28 million shares (worth $902 million at the time) of the Grayscale Bitcoin Trust before Jan. 11, when the trust was converted into a spot exchange-traded fund (ETF). FTX sold “more than two-thirds” of its shares over the following three days of trading, the report stated, implying that it now holds less than 8 million shares, worth roughly $281 million.

More than $700 million of Bitcoin has been sold by the Grayscale Bitcoin Trust since Jan. 11, with some analysts claiming that investors are fleeing the fund because of what they see as high fees.