And digital asset manager Grayscale, a sister company of another failed lender, Genesis Global Capital – both owned by the Digital Currency Group, CoinDesk’s former owner – recently suffered large outflows after the FTX estate took advantage of the recent conversion of the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) to sell around $1 billion in GBTC shares. On Monday, Genesis’s estate itself went one further, seeking a judge’s approval to sell $1.6 billion worth of Grayscale trust assets, most of them now in the bitcoin ETF.
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