FTX estate sells majority of GBTC holdings: Reports

Both Bloomberg and CoinDesk reported that the FTX estate has sold a majority of its GBTC shares

article-image

FTX and Adobe Stock modified by Blockworks

share

The FTX estate reportedly offloaded the majority of its shares in the recently converted Grayscale bitcoin ETF.

Both Bloomberg and CoinDesk reported on the sale, citing sources familiar. 

Marex Capital sold a majority of the 22 million shares held by FTX, according to Bloomberg. Court documents filed last year showed that FTX owned 22.28 million shares.

The sale, with the shares trading for around $38, fetched roughly $600 million, the report said.

“Broadly speaking, 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,” John Hoffman, managing director of sales & distribution at Grayscale, said in a statement to Blockworks.  

Nearly two weeks ago, Grayscale’s fund converted to a bitcoin ETF. This followed the Securities and Exchange Commission’s authorization for nearly a dozen firms to launch spot bitcoin ETFs for the first time.

Read more: As bitcoin ETFs continue fight for assets, here’s where they all stand

GBTC initially launched in 2013 and has roughly $23 billion in assets under management due to its conversion. Other funds, such as BlackRock’s new spot bitcoin ETFs, are well under that figure due to the recent launches. 

The reports from both Bloomberg and CoinDesk would account for nearly a billion in outflows from GBTC in the last week. In total, Grayscale’s fund has seen $2.2 billion of net outflows.

As Blockworks previously reported, CoinShares data shows that the outflows have overshadowed some large inflows raked in by rivals BlackRock and Fidelity Investments. The firms have seen crypto-related inflows of $931 million and $860 million, respectively, according to the data.

Both funds have since hit $1 billion in assets.

FTX received court approval last November to sell assets, including shares of Grayscale’s fund. 

“The Debtors are authorized, but not directed, to execute sales of the Trust Assets, in their reasonable business judgment,” a court document approving the sales said at the time.

Updated Jan. 22, 2024 at 4:17 pm ET: Added quote from Grayscale.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

The MIT research-based protocol is live in private testnet — laying the foundation for decentralized RAM

article-image

The Balkan micronation went from Bitcoin economy to blockchain buzzwords in 10 years

article-image

While BTC’s year-to-date price drop resembles that of the S&P 500, some crypto stocks have fared way worse

article-image

The first batch of earnings reports from big banks shows lending is on the rise, a sign businesses and consumers are feeling better about the economy

article-image

Movement is “conducting an internal investigation stemming from recent events,” according to a company Slack message

article-image

Four firms prepare their launches on the Toronto Stock Exchange while the SEC mulls proposals