FTX CEO: Grayscale Trust Fund Assets Of Alameda Creditors Are Valued At Around $290 Million

Key Points:

• On the structure of their cryptocurrency trusts, bankrupt FTX.com trading affiliate Alameda has launched a lawsuit against crypto giant Digital Currency Group (DCG) and its asset management subsidiary Grayscale.
• FTX’s new CEO John J. Ray III noted that although Alameda’s corporate records may be inadequate, certain grayscale trust fund shares were still found: Creditors in Alameda possess at least 22,166,720 bitcoin trusts (GBTC) and 6,318,384 Ethereum Trusts (ETHE).

In the most recent announcement following FTX’s bankruptcy, the firm’s new CEO indicated that Alameda creditors’ grayscale trust fund assets are valued around $290 million.

On March 8, FTX‘s new CEO, John J. Ray III, stated that, while Alameda’s corporate documents may be inadequate, certain grayscale trust fund shares have been discovered: Alameda creditors control at least 22,166,720 bitcoin trusts (GBTC) and at least 6,318,384 Ethereum Trusts (ET) (ETHE). If Alameda’s portion in the Grayscale Trust was sold on the secondary market on March 3, 2023, it would be valued around $290 million. SBF provided the FTX/Alameda balance statement in November of last year, and it only included roughly $3.3 million in GBTC.

If Grayscale wins the case and successfully turns GBTC into a Bitcoin ETF, FTX/Alameda will be able to redeem or sell at a price close to the net asset value, rendering FTX’s claim moot. einsteineruploading up to get together with. According to the lawsuit, if Grayscale reduced management fees and allowed redemptions, the FTX debtor’s stock would be valued at least $550 million, or almost 90% more than its present valuation.

The grayscale trust fund assets of Alameda creditors are valued around $290 million. This signifies that the trust fund has made investments in digital assets such as Bitcoin and Ethereum. Grayscale, a digital asset management firm recognized for its expertise in bitcoin investments, manages the trust fund.

Grayscale is a popular alternative for investors who want to take advantage of the potential of digital assets but lack the time or ability to handle their investments themselves. The firm provides a variety of investment solutions that enable investors to obtain exposure to digital assets without having to deal with the complications of physically purchasing and maintaining them. Grayscale’s trust fund for Alameda creditors is most likely only one of several investment options offered by Grayscale. The firm manages billions of dollars in assets across several funds, and its services have grown in popularity among both retail and institutional investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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