FTX's estate has 22 million units of Grayscale's bitcoin ETF to sell
There is a large chunk of the recently converted GBTC spot bitcoin ETF that will be forcibly sold, if it hasn't been already.
Why it matters: GBTC is one of 10 spot bitcoin exchange traded funds vying for new dollars since receiving the milestone nod from the SEC to list last week.
Catch up fast: The bankruptcy estate of collapsed crypto exchange FTX was approved in late November to sell more than 22 million units of Grayscale Investment's GBTC.
- Grayscale launched the former trust product in 2013, long before the SEC was pressed into approving ETFs based on bitcoin's spot price.
- As of January 10, the fund had more than $28 billion of assets under management.
By the numbers: Assuming the FTX estate sold all of its GBTC post-conversion, say at $40.69 per share, it would've gotten back roughly $907 million (it was valued at $597 million in October).
Between the lines: Even if only some of it was sold, it would account for a lot of the GBTC selling activity seen lately.
Of note: Axios called FTX's lawyers, the brokerage account that holds the assets, and the folks tapped to handle the sale to check if that was happening. None have responded for comment.