FTX sold about US$1 billion of Grayscale’s Bitcoin ETF since its approval: CoinDesk

FTX has sold 22 million shares worth close to US$1 billion in Grayscale Bitcoin Trust (GBTC) since it was converted into an exchange-traded fund (ETF) earlier this month, taking FTX’s GBTC ownership down to zero, CoinDesk reported on Monday (Jan 22).

GBTC in all saw outflows of more than US$2 billion since being converted into ETF, according to the report, which cited private data reviewed by CoinDesk and two sources familiar with the matter.

“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,” a Grayscale spokesperson said.

Grayscale was approved to convert its existing bitcoin trust into an ETF, creating the world’s largest bitcoin ETF with more than US$28.6 billion in assets under management.

The US Securities and Exchange Commission has approved 11 spot bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, after a decade-long tussle with the digital asset industry.

The approval marked a watershed moment boosting the legitimacy of the cryptocurrency industry and pushing Bitcoin further into the mainstream. REUTERS