Delaware Bankruptcy Court Allows FTX to Sell $3.4 Billion in Cryptocurrency Holdings

The Delaware bankruptcy court has given the green light for FTX, a bankrupt cryptocurrency exchange, to sell its cryptocurrency holdings, totaling $3.4 billion. The court approved FTX’s asset sale plan, allowing them to gradually release up to $100 million of assets to the market each week, starting with $50 million initially. This limit could be raised to $200 million per week with approval from creditors or the court.

FTX holds a variety of cryptocurrencies, including Solana, ETH, Bitcoin, Ethereum, Aptos, Dogecoin, Polygon, Bittrex, Ton, and Ripple. Solana is the largest single asset, valued at around $685 million, with an additional $245 million in stablecoins. This makes the total value of FTX’s cryptocurrency holdings, excluding individual assets, approximately $1.271 billion.

Despite concerns that the sale of FTX’s assets could negatively impact cryptocurrency prices, Bitcoin’s value has remained relatively stable following the Delaware bankruptcy court’s approval. As of September 14, Bitcoin was trading at KRW 35.44 million on Upbit, reflecting a 0.95% increase from the previous day.

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