FTX Sells Nearly $1 Billion in Grayscale Spot Bitcoin ETF Shares

FTX, the failed cryptocurrency exchange, has sold nearly $1 billion in shares since Grayscale's GTBC fund recently traded as a spot bitcoin ETF, according to "private data" and anonymous sources cited by CoinDesk. As of Friday, Grayscale's fund had accounted for about 54 per cent of trading volume since the new cryptocurrency ETF began trading, with the majority of that being outflows, according to Yahoo Finance data compiled by The Block. Data released over the weekend by Eric Balchunas, senior analyst for ETFs at Bloomberg Intelligence, showed that Grayscale's fund has lost $2.8 billion since trading began. According to CoinDesk, FTX's sale of Grayscale's ETF shares is part of the bankrupt exchange's ongoing bankruptcy proceedings. The bankruptcy estate has sold all 22 million shares owned by FTX.