GBTC - FTX Sold $1B Of GBTC Explaining Part Of Grayscale Outflows | Benzinga
Since Grayscale Bitcoin Trust (OTC: GBTC) was transformed into an exchange-traded fund (ETF) earlier this month, $1 billion of the $2 billion in outflows were offloaded by FTX's bankruptcy estate.
What Happened: According to data reviewed by Coindesk, FTX offloaded 22 million shares, reducing its GBTC stake to zero. The sale of its shares was valued at nearly $1 billion.
FTX, like other large crypto trading entities, had previously capitalized on the price difference between Grayscale trust shares and the net asset value of the underlying Bitcoin.
As of Oct. 25, 2023, FTX held 22.3 million Grayscale Bitcoin Trust shares, valued at $597 million, according to a Nov. 3 filing.
On Jan. 11, the day Grayscale's Bitcoin ETF commenced trading on NYSE Arca, ...