FTX has sold 22 million shares worth close to $1 billion in Grayscale Bitcoin Trust since it was converted into an exchange-traded fund earlier this month, taking FTX's GBTC ownership down to zero, per Reuters.
FTX has reportedly divested nearly $1 billion in Grayscale Bitcoin Trust (GBTC), selling off 22 million shares since the trust's conversion into an exchange-traded fund (ETF) earlier this month. As per CoinDesk's Monday report, FTX has completely exited its GBTC ownership.
The conversion of GBTC into an ETF has led to outflows exceeding $2 billion, according to the report, citing private data reviewed by CoinDesk and insights from two individuals familiar with the situation.
In response to these developments, a Grayscale spokesperson conveyed in an email to Reuters, "Large capital markets ETFs are used in a variety of investing strategies, and we anticipate GBTC's diverse shareholder base will continue to deploy strategies that impact inflows and outflows."
Grayscale achieved approval to transform its existing bitcoin trust into an ETF, establishing the world's largest bitcoin ETF with assets under management surpassing $28.6 billion.
The U.S. Securities and Exchange Commission has granted approval for 11 spot bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, concluding a decade-long regulatory struggle with the digital asset industry. This approval signifies a pivotal moment, enhancing the legitimacy of the cryptocurrency sector and further integrating bitcoin into the mainstream.
