Key Points:
- FTX is expected to receive approval to liquidate its assets on September 13th.
- The crypto exchange plans to sell up to $200 million worth of crypto every week.
- If the plan goes ahead as reported, it would equate to millions of dollars in sales each week.
FTX plans to sell $200M worth of crypto weekly after receiving approval to liquidate assets, potentially leading to millions in sales each week.
FTX is rumored to receive approval to liquidate its assets on September 13th. The crypto exchange had $3.4 billion worth of crypto in April and plans to sell up to $200 million worth of crypto every week. Although there is no confirmation of the date yet, many people are reporting that it will start on September 13th.
As of now, there is no official source confirming this information, and many influencers are covering it without valid sources.
Crypto exchange FTX has filed a motion seeking court approval to establish guidelines for managing and selling some of their digital asset holdings. According to court documents, the exchange has requested authorization to retain an investment adviser to assist with selling certain coins and tokens over time.
The proposed guidelines would allow FTX to sell up to $100 million worth of digital assets per week, with the ability to increase the limit to $200 million temporarily. FTX contends that selling digital assets through an experienced investment manager will help maximize sale proceeds while reducing volatility exposure.
In addition to this, FTX is seeking permission to stake some idle crypto assets to generate passive yield. Although FTX’s digital asset sale guidelines and requested authority remain subject to bankruptcy court approval after notice and a hearing, if approved, it would equate to millions of dollars in sales each week.
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